Exploring Business Opportunities

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Sometimes a person may wish to start a business, but that person may not know what type of business to start.

The following are examples of where to look for business start-up ideas:

~ Look at trade publications, newspapers/magazines, and online articles to get an idea of what is happening in the business world.

~ Attend conferences, trade shows, and conventions to determine what is new in a particular field of interest.

~ Explore your city to get an idea of which businesses exist, and how these businesses are doing. 

~ Think about your education or work experience and try to match it with potential opportunities. For instance, perhaps you have noticed an opportunity to offer a new product or service that nobody else is currently providing. 

~ Consider your pet peeves as sources of business ideas. Do you really dislike a specific type of product or service? It is likely that other people feel the same way, so there may be a market for your new product/service.

~ Explore your hobbies. If a few thousand people share a common hobby, it could potentially be the source of a successful business opportunity. For example, if you have a love for hiking, and you believe that market is underserved, there could be an opportunity to start a guide business, or perhaps a business selling equipment/supplies.