Thursday, October 10, 2019

Top 14 Sources of Business Ideas and Opportunities for Entrepreneurship

One way to identify a business opportunity is by OBSERVATION. You must be able to observe the environment in which you live.
Think through what you see, hear, smell, touch or feel and you will see before your eyes business opportunities that cannot be seen by an untrained eye.
A good business idea could be an invention, a new product or service, or an original idea or solution.
14 Good Sources of Business Ideas
Wealth Coach Academy is going to enlighten you and also provide you with 14 points to be independent.
  1. Gaps In The Market That You Can Fill: The idea can be a need not been satisfied by the market at present. If there is such a need, then a market or business opportunity exists. Unless a business fills a gap it cannot succeed. As a developing country, there are so many gaps in our society waiting to be filled. Once you have identified market gap, formulate a plan of action to tap the opportunity with a good idea or product.
  2. A Business Related To The Work You Do: The idea can be an acquired experience or one related to the work you do or have done. Such idea can give you opportunity to laugh into an existing market. I his is an easy way of getting into a business since you already known your customers or clients and where you can get them.
  3. Turning An interest or Hobby Into A Business: Your talent or hobby can be a good source of business idea. Think of what you enjoy doing and how it can satisfy human needs. Interest in sport, entertainment, academics etc. can provide a good business idea.
  4. A Poor Delivery Of Services Or Products: A business idea could be your ability to improve the quality of a service or product in the market. If you can find a solution to a problem, people will be able to pay for it. You have to find what people dislike and complain about e.g. problem of business people, housewives, working wives, professionals, etc. Related to existing goods and services.
  5. An Overpriced Product Or Service: By researching, you can determine whether a particular product or service is being overpriced or not. If you can provide such a product or service to the market at a reduced price and better quality and still make product, then you have a good business idea.
  6. A Monopoly: If you can discover when a monopoly exists and is not protected by law, then you have a business opportunity and can establish competitive products or services.
  7. Failure Of A Product Or Service: A product or services can fall due to many reasons. If you can find out why it failed despite the available market for it and provide the solution, then you are on your way to setting up a business.
  8. An Adaptation Or Imitation: You can borrow ideas from existing products or services that have market and create a competitive product or service.
  9. An Advancement In Technology: You can cash in on the introduction of new technology, such as GSM, the internet, etc. by providing services that can meet the needs created by this new technology.
  10. Invention Of A Product Or Service: A new invention can create a good business idea by using method no one has ever applied before.
  11. Joining A Franchise Business: A franchise business is partnership between a franchisor who licenses trademarks and a tested system of doing business, and a franchisee who paid a fee to the franchisor for adopting the business model. Training and, often, promotional materials are provided by the franchisor. This has many advantages, one of them being the limitation of risks. As it is an already operating and proving system, it's harder to fail as opposed to when building a completely new business. The biggest drawback of franchise business is the lack of control. A franchise must follow the business model and has little space for creativity or innovation. A franchise business can also be very expensive to start.
  12. Buying A Business: Another way of getting into business is by buying over existing one. You can decide to buy an existing business existing with the prospect of doing better if properly managed and funded.TThereare some business that are not doing well because of poor management or lack of funds; such business can be sold by the owners at a very reduced price. The advantage of buying an existing business is that there is a market and brand already in place for your cash in on.
  13. By Starting Up In Direct Selling: One way start your own business within an existing structure is by direct selling. Opportunity for direct selling exists where a manufacturer misses out the retailer by selling directly to the customer. These sale are usually worked part time. The manufacturer give their salespeople various titles, such "independent" sales rep" etc. Being involved with a direct selling company has many advantages over setting up a  business of your own. The market research, developing and testing new products, planning, pricing and working out sales techniques are all done by the company. All you need to do is absorb their sales training and sometimes purchase a starter pack of goods to sell. The sales procedure has been written by experts, so if you follow the training you should,in theory be able to make sales.
  14. By Network Marketing: Some direct selling companies operate a multi level system of sales where a salesperson can recruit other salepeople and them receive bonuses based on the performance of his or her recruits. This way of selling is called Network Marketing ( Networking) or multi level marketing ( MLM for short) ;and it account for about a quarter of total direct scales. It works like this: you sell the product to a friends and contact.  One or two of them might think he or she can sell it to his or her friends and so agree to become a distributor. By recruiting them you earn bonuses that are dependant on their sales. If those new distributor recruit more people you get a share of the their sales bonuses, too.
Note: Whatever your ideas is, you have to be sure that it fits your need as an individual, as well as a method no one has ever implemented before.

Wealth Coach Academy is a place to acquire Entrepreneur Skills to set up your own Business