How To Identify A Business Opportunity? (3 Different Ways)

Happy co-workers talking about business development opportunities

“A business opportunity is an investment that will provide you with a return on your money. It can be in equity or cash, and it’s usually done through a contract.”

Business opportunity is a broad term that encompasses any situation where you have the chance to make money. There are many different ways to identify a good business opportunity, and this article will cover three of them. First, let’s go over what constitutes an business opportunity in entrepreneurship.

What Is A Business Opportunity?

A chance or opening to make money. Opportunity also means anything that presents itself as an occasion for advancement, betterment, progress. It’s all about opportunities! The more open doors I see before me, the more likely I will find success in my endeavors. Listen closely because what I’m about (and what this blog post will be covering) is important not only for your personal growth but the growth of your business. There are plenty of opportunities out there for you to take advantage of; what’s important is that you’re able to recognize them before someone else takes advantage.

Different Types Of Business Opportunities 

Online Business opportunity
Online business opportunity

There are many different types of business opportunities that exist in the market. 

Direct sales – Like Avon or Mary Kay, this is also known as network marketing/MLM (multi-level-marketing). You sell products directly to customers and receive commissions based on their purchases. Temporary teams often offer rewards for recruiting new members into the team, which creates extra income potential from selling a product and getting others involved too! There’s no need to stock up on products because you’ll be selling them as soon as your customers’ order. 

Online sales – This is when you sell products online either through a storefront or an e-commerce website like eBay, Etsy, Amazon, etc. You can charge whatever price for the items that work best for you, but competition will play a factor here, so try to think ahead of what your target audience wants/needs! The advantage of this type of business opportunity is convenience – no need to leave home to go shopping! No overheads mean cheaper prices which ultimately leads to more satisfied customers. 

Special event marketing – Often at concerts, sports games and other entertainment venues, companies are looking for temporary selling their goods & services. In return for their time, they offer commission, prizes and giveaways. 

Traditional sales – You can choose from a range of products or services you wish to sell at retail locations such as cafes, bars, restaurants etc. To succeed here, it’s best to know your target audience well, what drinks they like & where they frequent them often. This is an excellent business opportunity if you’re looking into going into business with partners! 

Direct mail marketing – Direct mailing allows companies without the necessary resources (storefront) or extra workforce to distribute adverts/samples by post. When done correctly, it has a very high return on investment, so try not to underestimate its power! 

Bartering – Businesses that barter often do so as a means of saving on costs. They offer their goods & services to other businesses in return for something that can be used instead of cash/credit.  In most cases, they offer service or equipment that might not be needed at the time but can come in handy down the track.

Woman checking her email in a meeting
Woman checking her email in a meeting

Online advertising – Using online adverts & SEM (search engine marketing), you’re able to reach a wide and targeted audience with minimal costs. The key here is to target keywords specific enough for potential customers to find it yet broad enough so your business isn’t drowned out by others using similar words/phrases. 

Network selling allows individuals, groups, and businesses to make money from home, building their community of sales representatives through direct contact such as phone calls, personal visits, etc. A network seller often works on commission only, where profits will depend heavily on successful sales! Remember that if there’s no product, there’s no business opportunity! 

Crowdfunding – This involves raising funds from a large group of people over the internet. It often uses social media outlets to raise awareness and promote campaigns in return for rewards. Rewards will differ depending on what you’re trying to achieve, so make sure your goals are clear and achievable before starting. Crowdfunding is an excellent alternative if you need capital but don’t have access or want to use traditional methods such as loan applications. 

Advantages Of Business Opportunities 

Business opportunities can be very beneficial for your business as they allow you to grow and succeed. Businesses that don’t explore their options limit themselves from success and growth. 

Advantages of business opportunity
Advantages of business opportunity

Business opportunities allow you to expand or create a new market within an existing field of work which could enhance your current position without leaving where you are currently working. Business owners who choose not to take advantage of these benefits might find themselves struggling financially due to a lack of sufficient clientele and financial support to continue providing services/products at competitive rates. This may lead them into changing careers altogether by starting over again either alone or with other partners if they have any available capital left after investing what little savings they had away trying to stay afloat during such rough times.

Business owners who are unable to continue providing services/products at competitive rates may have to settle for lower rates and less than optimal working conditions for them to keep their heads above water until the business has reached a point where it is stable and profitable once again while having enough financial capital left over after expenses so that they can start investing savings back into the business again. 

Business opportunities provide entrepreneurs with more ways of increasing clientele without spending too much time or money doing marketing research. It lets you take advantage of different methods such as word-of-mouth advertising using all avenues available through digital marketing, including social media platforms like Facebook, Twitter etc. 

Business owners should not be afraid about how other people will perceive what they’re offering as a business opportunity as long as they do their research first before making any moves. Business owners should also be aware that there are many types of business opportunities, including franchising, licensing and consulting, to name a few. Business opportunities will allow you the freedom to explore what options work best for your current situation while still growing from those experiences to make wiser decisions about future endeavours without feeling trapped or limited by them after all is said and done.

Great Online Business Ideas

Online business opportunity
Online business opportunity

It’s always good to have online business opportunity ideas in your back pocket. The online world is constantly changing, and if you want to be successful, it helps to know what the future holds (or at least plan for how it changes). Many online business ideas currently exist, but what about the ones for tomorrow?

Here is a list of online business ideas you can use to jump-start your online endeavours. When considering great online businesses, it’s important to look at the amount people spend online and on which sites they’re spending their money. That way, you know where to invest time and energy (and possibly funds) to maximize success: 

– Ecommerce stores. People love shopping online! If there were ever a golden age within an industry, e-commerce would be one right now as companies continue to innovate how we shop from our phones or computers. Shopify reports more than 100Knew merchants to sign up to their online store platform each month.

– Freelancing.

With the rise of a “gig” economy, more and more people are turning to freelance as a great online business opportunity or side hustle. Whether you have expertise in graphic design, web development, virtual assistantship or something else entirely–there’s no shortage of business opportunities for those who want them! According to one study, there are 44 million Americans currently working on freelance projects (and that number is expected to increase). The best part? There isn’t even any need for an online storefront–offer your services through traditional means like networking at meetups or applying directly with companies looking for help.

– Niche websites 

This online business idea is another that’s fairly low cost to start and can be very lucrative. While there are many different types of “niches” or categories you can choose from, the basic premise behind this type of online business is simple: create a website for your niche (or favourite hobby) about it! For example, if you love knitting sweaters and enjoy camping in the summer–you could build an online store/website dedicated to selling knitwear pieces specifically designed for wearing while at camp. You’d then reach out to other bloggers within your community who like spending time outside during their free time and ask them to interview questions about their experiences and offer their readers discounts on your online clothing store to purchase pieces. This online business idea is a small investment with the potential for high returns, perfect for entrepreneurs of all types who are looking to get started quickly and without much hassle!

– Dropshipping

Another great online business opportunity that’s relatively easy to start (and run) is dropshipping. The basic premise behind drop shipping involves giving someone else–your supplier or wholesaler, if you will–a once over so they can take care of storing inventory while also helping them design websites/marketing materials to create unique experiences tailored specifically towards your niche audience. You then act as an intermediary between this person and your online customers, making money off the difference in price and providing a unique online shopping experience.

– Ecommerce stores with dropshipping

This is another great online business model you can use to make some extra money while still maintaining your day job or checking out whether starting an online eCommerce store will be profitable for your future endeavours. The way it works involves setting up two different websites: one for selling products and another that acts as a middleman between wholesale suppliers/vendors who stock inventory which they’re willing to sell at lower prices. You then place all of their items on sale through your online storefront–which usually requires no overhead cost since the service does the marketing for you–and keep the difference in price as your profit. You can then use these online store platforms to help grow your eCommerce business later, should you decide to pursue it full time!

– Dropshipping stores

dropshipping business opportunity
dropshipping business opportunity

This online business model does require some upfront investment, but it’s perfect if you’re looking for a way to get started quickly and with almost no risk involved. The basic premise behind this type of online storefront involves setting up two different websites: one that offers products (a product website) which acts as an intermediary between wholesale suppliers/vendors who stock inventory they’re willing to sell at lower prices; and another that serves as the marketplace (or online store) where online customers can purchase the items at a discounted rate. This online business model is fairly low cost to get started with since there are online platforms that will help you build your product website for free–such as WooCommerce, Shopify or Bigcommerce–and then take care of all marketing efforts on their end to increase sales and drive traffic towards your storefront/product site. This makes it easy for entrepreneurs who don’t have a lot of experience building websites from scratch to do this right away!

– Membership sites

 Creating membership sites is another online business idea that’s also great if you’re looking to make a quick buck while doing something else. While the initial investment might be somewhat high, the online business model itself is incredibly simple to get started with. The way it works involves offering exclusive membership deals–like special discounts or free access to your online courses/services–to online customers who are willing to pay for them in advance. You can set up an online store through a service like Teachable. You then offer these memberships at discounted rates to generate income from both new and existing clients without having any additional overhead costs once everything’s been set up.

– Kindle publishing

An online business that offers many opportunities for entrepreneurs looking to build passive revenue streams is kindle publishing! With this type of digital storefront, you can write e-books or electronic books online and make money by selling them online, usually in kindle singles. The great thing about this online business model is that you don’t need to spend a lot on advertising or marketing since Amazon’s already done all the hard work for you through their massive platform, and they also help promote your books directly, which saves you, even more, time/money!

Wrap Up

I hope this blog post has given you some fresh ideas and perhaps even reminded you of business opportunities that have come your way in the past. The key is to keep an open mind about what’s possible for yourself and your business. It sounds like a cliché, but it’s true – anything is possible if we believe! Let me know how these principles can help with your next marketing campaign or strategy.

Subscribe to our Newsletter

Recent Posts