Tuesday, May 18, 2021

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Explore new Business Opportunities

Starting up a business is not for the faint-hearted but fortune tends to favor the brave. So, taking calculated risks and following a systematic approach will go a long way with your business. Having a good business idea is only the stepping stone. More importantly, you need to find out how viable that business idea is before you take the leap. 

It may seem that there is a lack of new business opportunities with all the traditional businesses already running and the startups growing up. But finding a new business opportunity is not that difficult. There are some systematic ways to find the best business opportunities if you don’t have the new killer idea already. 

Demand-Supply Gap

This is one of the most straightforward and easiest approaches. If there is any product or service which has high demand and there is short supply for any particular population, there is a simple business opportunity of dealing in that product or service. The downside, you ask? Once you start doing well in that particular field, there will be lots of replicators saturating the market. Subsequently, you need to innovate or change periodically to stay ahead of the competition. 

Technological Innovation

This is a little bit on the tougher side. If you have invented a new technology that will better the already acquainted product or service, there is a business opportunity because of simple demand for a better product or service in a reasonable price range. Hotmail was a leader in the webmail category because of technological innovation. The technical superiority prompted Microsoft to acquire it in 1998.  If that sounds too overwhelming for you, don’t worry. There are a lot of technological innovations happening in the small and medium scale in the very grass root levels. 

Service Innovation

If you want to be in the service sector, there is an adequate business opportunity in terms of service flow and delivery.  Suppose you have a laptop repair shop. You can offer a better value proposition for a customer if you can provide pick-up and delivery bundled with the repair service. They can be bundled in a reasonably priced package. 

Innovation in the operating model

Lastly, if there is an opportunity for better process flow resulting in better customer satisfaction, there is ground for a new business opportunity. Suppose all of your competitors procure their product from a single channel. If opting for a separate channel of procurement results in faster delivery or cost-benefit to a customer, you will have a viable business opportunity in hand. 

Final thoughts..

Evidently, there is not a single business opportunity you have to rely on. Explore your options, do a fair bit of customer and market research and find out which business model works for you. Remember, this is only the initial step. Success in business will finally depend on how you will implement your planning and research. You will take on a lot of risks later, which make sure are calculated. And you are on a highway to success. 

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