I often hear from highly sensitive people who say they want to be self-employed. Self-employment is a great option for us, though it is definitely not for everyone. Self-employment allows you to work at your own pace and in an environment of your choosing. However, it also requires ambition, persistence, planning, and the ability to adapt to changing conditions.
Below are some suggestions for coming up with a business opportunity.
- Find a need that isn’t being fulfilled. There are always gaps in customer needs. Can you meet any of these needs?
- Create a new need. Perhaps you have an idea for something that people will love, or may not know about it yet. Maybe you can generate demand for your unique or niche product or service.
- Take advantage of new trends or changing conditions. Some examples are governmental regulations, styles, new technology, fashion trends, etc. What can you do to tap into these trends or changes?
- Improve upon an existing product or service. Is there a product or service that everyone is always complaining about? Could you do a better job or offer an alternative solution? Are there enough reasons a consumer would buy from you, rather than your competition? Make a written list of what you can uniquely offer and add to it.
Keep in mind that the product or service that you offer has to be profitable. Can you make enough money with this opportunity? Never assume that something will be profitable. It’s important to do the research, come up with a marketing plan, and figure out how much you will need to sell to meet your financial goals.
Do your personal interests, expertise, and personal temperament fit the business opportunity? It takes a lot of personal soul-searching and information gathering to analyze a business opportunity. What vision do you have for the “right” business and environment that you can thrive in? This is extremely important! How can you work towards something when you not sure what it is?
How tolerant are you of risk? Are you willing to invest a lot, or do you want to start out small? Remember that you can try something on a small-scale or a part-time basis. That way, you can lower the risk. This is an especially good idea if you aren’t sure if the opportunity will be a good fit for you.
Don’t be afraid to experiment with various opportunities by “getting your feet wet.” Sometimes a trial-and-error approach ends up being the key to finding an opportunity that’s right for you.
Do you have ideas for finding business opportunities? Have you started a business? Did it work out? I’m interested in any thoughts or comments that you have.
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