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Where to Find the Best Business Opportunities

There are many business opportunities on the market. Feasibility, timing, and the value of a product in the eyes of customers separate an opportunity from a thriving business. Entrepreneurs who focus on feasibility and convenience for consumers can identify winning products to bring to the market. 

Feasibility

Ask any classroom of Kindergartners, and they can supply plenty of ideas for doing things differently. Some of the ideas are brilliant, but most of them would not work in reality. Many business ideas suffer the same fate. If a business opportunity supplies a solution to a problem, there are still criteria it must meet in order for people to buy.

The problem must be important enough that people are willing to fix it. For example, defrosting windshields is a chore. It makes people late in the morning, and it requires spending several minutes in the cold. Yet, a solution to this problem would sell much better in New Jersey than Florida, due to different climates. 

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Photo Courtesy: [Pexels/Jack Sparrow]

If there is already a solution to the problem, the new solution must be better, more convenient, and priced competitively. Products that are more complicated or expensive than alternatives tend to fail in the marketplace.

A windshield defrosting device would need to exceed the abilities of built-in car defrosters and handheld ice scrapers. A $30 device that automatically defrosts windows at a certain time each morning may be attractive. It's cheap and requires less work than existing solutions. Customers may not be willing to spend $500 on a window defroster that requires thirty minutes of setup time because it's more expensive and less convenient.

Cost of Transition

Brand loyalty and the amount of friction it takes to implement a new option are key factors in whether an idea is a good business opportunity. A state-of-the-art window defrosting system could be built into all the new models made by one car manufacturer. The defrosting system might be a better solution to a problem consumers are willing to fix, but there is still an issue.

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Photo Courtesy: [Pexels/Fauxels]

To use the system, consumers need to buy a new car. People are very particular about car brands. If that new defrosting system is not in their favorite brand, brand loyalty could stop some from buying it. A new car is a big purchase that may require qualifying for a loan.  That hassle can make the new option unattractive to consumers.

A Solution for Entrepreneurs

Knowing about factors such as timing, feasibility, and convenience is only half the battle. Testing out these key factors, in reality, can be expensive and time-consuming. Online resources like [Business name] do the leg work for entrepreneurs.

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Photo Courtesy: [Pexels/Fauxels]

These websites are a free database of new inventions and the real needs of consumers. Consumers can be private customers or government agencies. A product built around a specific need, or even a specific new invention, is more likely to succeed than one where the entrepreneur is left to guess. 

Use [Business name] to separate your ideas from true business opportunities. Your next idea could change the world. 

Posted By : Joshua L.
On : 12.15.20
Business Opportunity