Identifying business opportunities in your community

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We all set goals for ourselves. One of these might be to become an entrepreneur. One of the hardest things to achieve in order to reach this goal is to identify a good business opportunity. One reason why it’s so hard to identify a business opportunity is that we think we need to create a brand new, revolutionary idea. But this isn’t the case. Take a moment to consider the following: Most successful businesses don’t reinvent the wheel. They usually take an existing idea and innovate!

Here are some factors to consider when you’re trying to identify business opportunities, especially within your own community.

What Problems Do You Have In Your Own Life?

Odds are if you have an issue with something there are other people who share this exact same issue. Ask yourself, “What issues do I constantly run into?” Let’s say you’re a sportsman but unfortunately, every time you run or do an activity, you get blisters on the bottom of your feet. Ouch. Type into Google, “how do I stop blisters on my feet when running.” Google will then show you the results for that query. It’s likely there are a lot of others who are suffering the same as you. You hold the key to find a solution for this, and then monetise it.

Solve An Existing Problem With A New Solution

Another great way to identify a potential business opportunity is by finding a new solution to an existing problem. What does everyone hate? Mosquito bites! A solution we know, which helps to relieve the irritation of mosquito bites is lotions or ointments. This we know. This is called a reactive approach. To clarify: the issue is already present, and we are reacting to it. Here’s something to consider: Instead of creating another reactive approach to a problem see if you can find a proactive approach. This approach solves a problem before it arises.

Looking at the various ways in which you can be either proactive or reactive can help you identify business opportunities.

What Do People Come To You For Advice On?

Why not ask yourself: “What do people come to me for advice on?” This is a great way to identify a potential business opportunity. Are you a fast learner? Are you good at a particular thing or have a unique skill?  If so, you can easily monetize these skills. 

If people are asking you for advice on how to do something, it validates two things:

  1. It validates that people have an issue or problem that needs solving
  2. It shows that people trust you to solve this issue. 

What Do People With A Similar Background To You Do?

We all come from different backgrounds. Some of us are into finance, others into art, and others, more mathematical. There have been successful businesses for each of these different categories. The best thing to do here is type in your background plus business idea. This will show results of various avenues you can pursue, and give you a base from which to brainstorm identifying business opportunities in your community.

In summary

We all want to accomplish things very quickly. That’s why some of the most successful products and companies out there are the ones that help us save time. Think of Uber or Takealot. Thinking about your next big business idea might need a little time, and a little thought, before you get it right. Who knows what you can achieve when you put your mind to it, and also look to the professionals for some guidance. Zhauns is here for you, to help, guide and nurture your new business venture.