8 Steps in Identification of Business Opportunities
A good entrepreneur is always attentive to detect new business opportunities … And here we give you the keys so that you don’t miss a single one.
Being an entrepreneur is like being a father: once you are a father, you will never stop being a father in your whole life. And that implies that you will be accompanied by tics and worries that you can never get rid of in your working life. Tics like, for example, always being on the lookout for other possible profitable businesses .
Whether it is to start your first business, to broaden the horizons of your business adventure or, who knows, to alternate with opportunities … Whatever it is, an entrepreneur must always be aware of the one that jumps. In every sense. Whether it is when expanding the client portfolio, adopting cutting-edge technologies such as the best ERP system or detecting new business opportunities.
The latter is what we want to talk about in this article.
Eight Steps in Identification of Business Opportunities
Not one, not two, not three … Here are eight keys to help you identify booming businesses.
1. New segments
There may be demographic changes such as, for example, the increase of an age range in the population or a new social class. It may also be that a segment that was not exploitable becomes one, as was the increase in purchasing power in the 90s … Be that as it may, new segments (both demographic and market) appear from time to time , and you have to be watchful to escape.
2. New technologies
Ok, it is clear that you must always be very aware of new technologies because, in recent years, they are the ones that have provided the most business opportunities … This, in turn, is a bit of chasing the eternal dragon that is always ahead from the one trying to hunt him down: a complex and exciting hunt. But sometimes maddening. Although, does not being an entrepreneur mean continually dealing with despair?
3. New legal framework
Regulations, laws and the political framework is something that is continually changing . And, in this change, it often frees up opportunities that end up in the lap of the most attentive entrepreneur. The legalization of a product that was previously considered illegal may have, for example, a large market waiting for it to be marketed.
4. Imported ideas
What is working in other countries that, however, does not yet exist in yours? Have other needs emerged in other foreign markets that are likely to end up being business opportunities in your territory? If, today, you don’t even need to travel to discover ideas that are working beyond your borders: social networks can help you detect opportunities .
5. Market holes
There is no market that works perfectly. In other words: all markets have inefficiencies and holes , and detecting them can open the doors of a new business. Is there a market that is especially working but all its users consider that there is something wrong? So why can’t you be the one to plug that hole?
Don’t underestimate the power of a good boom, or a good fever, because it can contain good business opportunities. With this we mean those products that, in fact, maybe have a short commercial life because we all know that they will go out of style soon, but that we cannot avoid buying for some reason or another. This is who we are: slaves to fashion. And, if you detect a boom in time, you can get a good profit to invest in future businesses.
7. Disgruntled customers
Very under item No. 5 on this list (based on market holes), the disgruntled customers are a good source of business opportunities . Here it is no longer a matter of finding holes within a market, but of looking for disgruntled customers in any market. Because, if they are unhappy, it means that they are ready to buy the product that makes them 100% happy. And you sure can produce that product.
8. Price changes
The market changes rapidly to optimize costs and, in this optimization, many products are continuously cheaper. This is particularly scandalous in the technology arena, but it also applies to many other markets where suddenly a cheaper product (or component) means that a whole new market segment can finally access it.