So many of us wonder what business opportunities are left out there among the many businesses already running and grabbing the attention of customers. However, what many people do not realize is that business opportunities are limitless, the most important factor is how to identify them. Businesses emerge every day based on people’s passion, hobbies and not just on qualifications. Many people have built successful organizations out of opportunities they knew nothing about at first, but as we know the education and learning process never ends and with learning comes experience.
There are so many factors to be considered in identifying and discovering business opportunities, whether existing or new ones. However, this article will focus on top 3 proven methods of discovering business opportunities:
- Identify customer needs that are least fulfilled and in high demand; the less satisfied a need the more available the business. Customer needs are limitless and have no end, every day new needs arise. You do not need to spend money to discover a business opportunity, mere conversations with different individuals can reveal unmet needs and with the availability of the internet it even more easy to discover what people are looking for, which is a great start towards discovering your new business.
- Identify the problems in an existing product or service and come up with the solutions; You can also discover business opportunities out of an already existing one. Turn the business to your business by becoming the solution provider to the difficulties the existing business is facing.
- Introduce an existing product or service into an untapped market; Through this, you can sell a product or service which is already existing in a certain geographical location but lacking in another. You may have travelled to a different city, town or country and seen a product that is selling successfully and is not being offered where you reside. At this point, you have already identified an unmet need not being fulfilled in your own environment and discovered your business opportunity.
Olatorera Consultancy Limited is a new-generation consulting company providing business development and consulting services to established companies and high net-worth individuals. Olatorera Consultancy provides critical and analytical services to companies under our radar to enable them innovate and serve their clients more effectively and efficiently using digital resources and modern strategies. Olatorera Consultancy provides the seal and stamp of Africa’s Best to enable great companies compete stronger on a global scale. Olatorera Consultancy publishes an annual list of “Africa’s Best 100 Companies” and “Africa’s Best 100 Leaders”.