Embarking on a profitable venture may be expensive. In order to ensure maximum success, several factors have to be considered before you decide on a business opportunity
The following are important steps when choosing a business opportunity;
The choice of a business is a relative decision. Never decide on a specific business before having investigated and weighed up various options. Only then will you be able to assess the weak and strong points of each business.
The comparative process is essential, because a characteristic discovered in one business, will lead to the investigation of that characteristic in another business. This will enable you to ask questions about second business. This process encourages you to think analytically & to make a well considered decision.
- Market insight
Choose a business with a market which you will be able to understand and “be attuned to”. This will assist you to identify changes in your market at a later stage & take the right action in time.
For example if you sell micro computers and not aware of the continual technological progress, it may take some time before you realize why your outdated products are not selling. The ideal is that the new business should suit your talents and interests.
- The demand for a product starts with simple idea
Every business or new product begins with an idea. Naturally, the better the idea, the more money can be generated. It’s important for every person who is serious about making money to be able to invent brilliant business ideas.
As soon as you have perfected this art, you’ll be able to invent so many ideas that you can build business upon business. There’s technique called “idea tree”. Clever business people use it, but are reluctant to share it with others.
The technique is called tree idea because of its characteristic branching action. It reminds one of a tree with branches, and each branch has its own smaller branches – eventually making hundreds of branches. Each branch represents a potential business idea. The branching action is very analytic by nature. It allows you to come across ideas which you would never have thought of.
- How idea tree works
You have to do the following:
Make a list of all the basic human needs that you can think of. Take the first need on your list & divide it into career sub – sections. Then take the first on that list and divide it into even more specific sub – sections. Assume one of the basic human needs is to improve appearance
- To improve appearance
- To lose weight
- To gain weight
- To firm up figure
- To improve hair
- To improve nails
- To improve outer image
- Training program
- Computer developed diets
- Scientific diet
- quick weight loss
- social occasions
Once you’re on a roll with the idea tree, literally pages & pages can be filled. You’ll end up with hundreds, or even thousands of product idea to choose from. The idea tree is used all over the world by brilliant business people. This can also help you to open new analytical, creative doors for yourself.
- Competition & product features
If you want to market an existing product, you have to pay special attention to your competitors & product’s unique characteristics. Competition doesn’t have to deter you from seizing a business opportunity. There’re two ways in which competition can be overcome.
Firstly, you can change the product slightly so that it has one or more unique features which your competitor’s product doesn’t have. In this way you will be offering something different.
If you follow the above steps, you may sooner or later have a successful business. It has been proven time & again that the above steps are excellent method of building profitable business.