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Top 13 Ways To Identify a Business Opportunity For Starters

Top 13 Ways To Identify a Business Opportunity For Starters

Top 13 Ways To Identify a Business Opportunity For Starters

Many people have aspirations of becoming successful business owners. The most difficult problem that most people encounter is determining whether or not a particular business opportunity is worthwhile. One of the reasons it is so difficult to identify a business opportunity is that we believe we must come up with a completely original and revolutionary idea. Most of the time, however, this is not the case. The majority of successful businesses do not start from scratch. Typically, all they do is take an existing idea and improve on it in some way.

In this post, we’ll go over the 13 methods for identifying business opportunities for people who are just starting out. After reading these 13 suggestions, you will have a much better understanding of how to begin identifying viable business opportunities.

1. What is already in high demand

As previously stated, the objective is not to reinvent the wheel. The most straightforward method of identifying a business opportunity is to look at what is currently selling. If you wanted to enter a space, such as a room with lamps, for instance. You can look up “best-selling lamps” on Google by typing in the phrase. Then you can go to their “Shopping” page and sort the products by customer review rating.

2. What difficulties do you face in your personal life?

There is a good chance that if you have a problem with something, there are other people who are experiencing the same problem. “What problems do I have that I have to deal with on a regular basis?” Consider the following scenario: you are a runner. The unfortunate reality is that every time you go for a run, you develop blisters on the bottoms of your feet. When you Google “how do I stop blisters on my feet when running,” you’ll get a lot of results. After that, Google will display the results for your search query.

3. Come up with a novel solution to an existing problem.

Another excellent method of identifying a potential business opportunity is to come up with a novel solution to an existing business problem. Mosquito bites are something that everyone despises. Applying ointment to the infected area is a common solution for alleviating the irritation caused by mosquito bites.

The ointment is an example of what is known as a reactive approach to problem-solving. As in, the problem is already in front of us, and we are responding to it. Instead of coming up with yet another reactive solution to a problem, try to come up with a proactive solution instead. When taking a proactive approach, the goal is to solve a problem before it occurs.

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An effective mosquito repellent can help prevent mosquito bites from occurring in the first place, rather than attempting to make an additional ointment to alleviate mosquito bites after they have occurred. When brainstorming business opportunities, it can be beneficial to consider how you can be either proactive or reactive in your approach.

4. What are the most common issues that people seek your advice on?

It’s a good idea to ask yourself, “What do people come to me for advice on?” This is a great way to identify potential business opportunities. Are you a skilled basketball player? Are you a good reader who reads quickly? If this is the case, you can easily monetize your abilities.

When people come to you for advice on how to do something, it validates two things: first, they are interested in your opinion. It confirms that there is a problem with the people. It demonstrates that people have faith in your ability to resolve this problem.

5. Which businesses are the most successful in terms of funding?

According to Tech Crunch, venture capital funds made investments in U.S. startups totaling $62 billion dollars in 2019. A significant amount of this funding is known to the public. Go to Alley Watch and look at their Funding News section for more information. You can see which startups are receiving funding and whether there is a trend in the amount of money being raised. Is it something to do with personal finance? Transportation? Aerospace? If you notice a recurring theme in which businesses within specific industries receive the most funding, this is a good indication that the industry is experiencing rapid growth. Additionally, it’s a good idea to keep an eye on which Kickstarters are receiving the most funding. Go to the Most Funded section of Kickstarter and look for themes that have been successfully funded.

6. Make use of Google’s Search Intent feature.

Have you ever typed something into Google and then noticed a drop-down list of possible search terms that you could be looking for as a result?

Why can I use this method to identify business opportunities?

This isn’t just a coincidence. Google keeps track of all of the searches that take place on their platform. They can autofill what they believe you are going to enter if they keep track of what you are doing. You can see some of the most common things people search for after typing in the phrase “Why can’t I…” in the visual above.

One thing you can do to identify a potential business opportunity is entered “How to” into Google and see what results come up. This will show you which questions are frequently asked on Google and how to answer them.

Using the search term “how-to” is a good idea because we know that whatever comes up will be some of the most frequently asked questions on Google. Google has over one billion monthly users, which is an excellent indicator that whatever appears on the search results page could be a fantastic business opportunity. Another search query that works well is “Does anyone know how…” followed by the rest of the information provided by Google.

7. What do people who have a similar background to yours do for fun and for work?

We come from a variety of different backgrounds. Some of us are interested in finance, while others are interested in art, and still, others are interested in history. There have been successful businesses in each of these categories over the course of history. The best thing to do here is to enter your background information along with the phrase “business idea.”

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To identify business opportunities, combine art and business ideas.

Take a look at the screen capture above. By searching for “art + business idea,” you will be able to find a plethora of articles that list various business opportunities that you can pursue as an artist. Remove the art from your background and start typing to see what ideas come to mind.

8. What types of freelancers are in the highest demand on freelance networks

There are a variety of freelance networks available to business owners who want to outsource a variety of different activities. Upwork and Fiverr are the two most widely used freelance networks in the world. For example, you can go to Fiverr and look at the most popular freelancers who have skills similar to yours.

Consider the following scenario: you are a digital marketer. Learn how to find the best-selling freelancers in the “Email Marketing” category of the Digital Marketing category by watching the video below.

Given the fact that we can now see which email marketing freelancing services are the most popular on Fiverr, we can begin to look for any recurring patterns among them. When it comes to freelancers, which ones get the most work? What types of email marketing are the most effective? This can assist us in determining which services are most in-demand.

9. The most popular Youtube channels, podcasts, and blogs, according to the data

The number of people who visit YouTube each month exceeds 2 billion; 140 million Americans listen to podcasts, and 75 percent of internet users read blogs. It is possible to identify a business opportunity in any of these mediums. In response to the question, “Which blogs generate the most monthly traffic,” a Google search will return the blogs that receive the greatest amount of traffic. Similar principles apply to YouTube channels and podcasts. As long as we can see that people are tuning in to watch, listen to or read certain types of content, we can be confident that there is a market for it.

After doing some research, you can begin to identify which top blogs or podcasts are in similar niches to your own. If this is the case, it means that you have a fantastic opportunity to enter the same market segment.

10. How Do You Know Which Products Have the Best Reviews on Amazon?

Customers can leave reviews on Amazon for any and all of the products they purchase. You can read what other people have to say about the product in question by reading their reviews.

First and foremost, choose a product that you would like to sell and filter it by four stars or higher on Amazon.com. By doing so, we can ensure that we are only presented with the best products available on Amazon for this particular segment.

You should take a look at the two- to three-star reviews on Amazon in order to innovate and improve the current products. The two- and three-star reviews will show you what can be done to make the best sellers even better in the future. One-star reviews should be avoided because they are frequently written by people who simply despise the product. You will also want to steer clear of reviews with four to five stars because those could simply be loyal customers who are gushing about the product. Customers who give the product two to three stars will provide you with all of the information you need to innovate and improve the product.

11. What steps can you eliminate to make something more efficient or easier to do?

As Americans, we are all driven by the desire to complete tasks as quickly as possible. As a result, some of the most successful products and businesses on the market today are those that enable us to conserve our time. Consider the services of TurboTax or Amazon. We can file our taxes more quickly with Turbo Tax, and we don’t even have to leave the comfort of our own homes to do so. We no longer have to go to a store in order to purchase something thanks to Amazon. On our phones, we can now go to the Amazon app and purchase whatever we require at the touch of a button, saving time and money.

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What is something you do in your daily life that consumes a significant amount of time? Make a list of all the things that consume the majority of your time and consider whether there is a more efficient way to accomplish these tasks that do not yet exist. It is possible to monetize an idea that you come up with while brainstorming ways to make your current tasks more efficient, and thus start a successful business.

12. What are you uniquely qualified to do that no one else can?

“What can you do better than everyone else?” is a question that you should ask yourself in the same way that people come to you for advice. Do you only have to study for half the amount of time that the majority of people do before an examination? Do you think you’re funnier than the average person? Is it your opinion that putting together a car engine is relatively simple?

If you are able to identify the various things that you are better at than the average person, you may be able to monetize those skills. You will discover that the majority of people wish to be able to do what you can do with relative ease. The most profitable way to make money from this is to assist others in performing this task by having them outsource the work to you. Alternatives include selling information products that teach people how to do something at the same rate that you can do it yourself.

13. In which industries is it possible to eliminate the middleman?

Since its introduction a few years ago, dropshipping has grown in popularity, and it’s not difficult to see why. Traditional business models consist of three parties: a manufacturer, a retail outlet, and a customer. The manufacturer creates a product and charges a higher price to the retailer in order to sell it. The retailer then charges a higher fee to the customer in order to complete the sale.

Dropshipping has thrown a wrench into this business model because it allows you to operate without having to maintain any inventory. The manufacturer is now willing to sell directly to you, but only if the customer purchases through you. This allows you to mark up the product only once, which saves you time.

Netflix and Warby Parker are two more excellent examples of businesses that have eliminated the need for a middleman. Netflix has made it so that you no longer have to go to the movies to watch your favorite movies. Warby Parker has made it so that you no longer have to visit a lens retailer in order to purchase your glasses.

What other industries can you enter, and what can you do to eliminate the middleman from the equation? If you can figure out how to do this, you’ll be well on your way to creating a viable entrepreneurial opportunity.

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