Do A Market Research
So what business should you go for? Well, it is not always easy to tell. If those prospects are obvious, a lot of people would have taken advantage of the opportunity already. So how do you find the right opportunities? Sometimes, opportunities do not just present themselves. In some instances, you may have to go looking for them. This is what a market research is made for.
Run A Survey
Do you want to know what services/products the people in your area are willing to avail/buy? Well, why not ask them directly? This is the power of ‘survey’. All you have to do is hand out a small sheet of questionnaire to willing people. But this is the classic and difficult way. The easier way is brought to us by information technology. Yes, you can make use of the internet to run surveys. Facebook for example can be used to run polls and hold surveys in questionnaire form.
Look For Products/Services That Are In Demand
Products and services that will surely sell are those that are in demand. Demand refers to the need of the people. For example, cold food and drink products may be in demand in hot places especially during summer months. Also, branded clothes may be in demand in wealthy places where people are obviously fashion conscious. Also, school supplies are surely in demand during school year openings.
Take Advantage of Untapped Markets
Sometimes, the demand is there but the supply is not. This means that the people in your place are in need of something but there are no or there are very few suppliers of that something. Here is a sample case: many people in one city are fashion conscious and are willing to pay premium for clothes, but there are no sellers of branded and signature clothes in the area. This situation poses a clear opportunity that you can take advantage of.
Study The Culture in the Place
Opportunities may be unique from one place to another. One of the factors is the differences in culture. The unique culture of a place influences the business opportunities present there. For example, it may be feasible to sell musical instruments in a place where music-making is a tradition and widely practiced.