Opportunity is key in business success and when you miss that opportunity it can mean a terrible loss for your business. So how would you spot a possible business opportunity? I read an article from www.inc.com about spotting an opportunity and I would like to share it with you.
Most businessman would first look for a product and then create a market for it but there are those who try to look for something missing in the market and supply that missing ingredient. This way they would create a supply for a growing demand. The question however is how can you do that in a seemingly very saturated market.
Here’s what you can do:
1. Look for a product that you think you could UPGRADE and add value to it. Will upgrading this product increase demand on it and will that upgrade be necessary?
2. If you can upgrade why not try to DOWNGRADE something. Look for something that is usually associated with higher class in a society or which someone with a lower income cannot afford and then try to create a similar version but this time at a price affordable to them. Oooppps we are not saying piracy but rather downgrading on a legit and quality wise manner.
3. PUT TOGETHER OR BUNDLE SOMETHING. Thing of something in the market which you think needs to be together or they are used as one. For example mobile phones now have cameras and even printers acts as scanners. Make the lives of your customers easier by creating a 2-in-1 or 3-in-1 or a combined device. Very similar to what KYan of India did in their All-in-one device.
4. If you can bundle things of course you can also UNBUNDLE things. You can specifically focus a certain product to one specific task. For example you could create a phone without much of the many added features but is focused on longetivity of battery life and messaging and calls. It could be an ultimate communication device. Think of something, there would probably be lots of them.
5. If you already engage in business or you see something that is greatly selling in a certain area why not RECREATE that business in another area where it does not exist yet. Be sure however to quantify the reasons why it is selling in the first area so that when you recreate it majority of the same things could be verified to exist in the new area.
6. Have you seen something that is selling but there is always scarcity of supply because the producer cannot meet the demand. If that is the case then why not MASS PRODUCE a product? If you think it would be selling on a wider level then that would be an opportunity for you.
7. Are you trying to reach everyone or are you planning to sell a business that targets the general public? Well, there is nothing wrong with that but why not BE FOCUSED. Try to focus on a certain segment and serve their needs or try to focus on just certain products and be good or expert at that. You can start a store which just sells yogurt or car batteries. Customers tend to prefer specialty stores for their needs since that would mean they are buying from a reliable and experienced seller.
8. Then there is the fact that you can THINK BIG and carry various products related to a specific segment or to a specific focus business. Examples like this are Home Depot, Car Depot, and many more. SM Supermalls, Robinsons and the likes are also included in this.
9. If you are afraid of thinking big then THINK SMALL, just carry the simple things. Simple things that you think would be valuable to your location or target business area. You can just be selling rags, cabinets or even just televisions.
10. This one I personally used when I started my own computer shop and gaming cafe. There was one gaming cafe which charges around 40-50 pesos an hour and then I thought that is a bit expensive and then when I have the money, I opened up a gaming cafe and put the price at just 25 pesos per hour and the result was splendid. PRICE is another window of opportunity for you.
In business we should be open minded and really settled on what we want to do. At the same time we need to be open minded so that we can maximize growth through opportunities that we will see in the market.
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