Every need in the market can be turned into a business opportunity.
As you begin your search for business opportunities, keep in mind that all entrepreneurial endeavors address a specific human need. If it’s a product or a service, it needs to meet the needs or desires of its customers. Epert advises, “Do not look for customers for your products, rather look for products for your customers.”
see also: Things that MAY be causing your business to slow down
locate potential sources of revenue.
Start by learning about your own neighborhood, barangay, or village. In terms of food, do residents have to go out of their way for pandesal, cooked meals, or cooking oil? Other options include having their shoes repaired, their cars washed, and having the pests exterminated from the inside of their homes.
see also: How to boost your REAL ESTATE Sales in 17 Ways
Find out what the gaps are between demand and supply.
Find out how the community is currently meeting the demand for certain products or services. Yes, a lot of the demand for some products is met by local suppliers and producers. Check to see if the local supply can keep up with or even meet the local demand in its entire range. If not, this could indicate that there is still room for another in the industry.
Allow us to use the following scenario as an example: You’ve discovered that your town has only one supplier of construction materials, and he can only meet about half of the community’s demands. In addition, you’ll see a rise in the construction industry. There are a lot of new homes and businesses being constructed. Based on your observations, you can see that there is an opportunity for a new business to fill the void left by the current lack of supply.
see also: HOW TO CREATE A SUCCESFUL BUSINESS IDEA- THE MAGIC FORMULAR
Entrepreneurship can be yours! However, you don’t just study the demand and supply for construction materials. Additionally, it’s a good idea to look into the availability of related construction services (such as plumbing, painting, landscaping, and interior design).
Examine the export and import activity.
Again, it’s possible that some of these items are sourced from outside the community or are imported from abroad. These imports are worth a closer look. If you have the resources, you might be able to make these. You may not be able to produce the same level of quality as the imported ones. However, you have a competitive advantage if you can produce at a lower cost and sell the products at a lower price. Even though your products are less expensive and of lower quality, they may still be popular in the market.
Products that the community sells outside or exports can also be examined. Typically, these products are shipped in raw or semi-finished form. Some examples Rattan trees in the community are usually sold to rattan furniture makers and processors outside of the community, for example. Before you sell or export rattan poles, consider ways to raise their value as a potential business venture. If you succeed, you’ll be able to start a business.
see also: The Best Investments in Real Estate
Make the most of what you have at your disposal.
It is possible to identify business opportunities based on the availability of specific resources in an area. They may come in the form of raw materials, skills, knowledge, or technology.
The raw materials of an area’s natural resources should be identified and documented. Make money out of these either by gathering the materials, trading them, partially processing them, or manufacturing finished products.
local knowledge
Is there a supply of specialized and traditional skills in the community? Is it permissible to sell these? Prepare yourself for future advancements and innovations by learning about these skills. Organizing a weaving, handloom, or handicraft industry in a community can take advantage of the abundance of skilled weavers.
You can keep up-to-date on business trends by reading technical and business journals. A regular feature in Newsweek Magazine, for example, focuses on new products and methods. Entrepreneur Philippines Magazine and MagNegosyo of the TLRC provide information that inspires new entrepreneurs. The business features section of the Philippine Daily Inquirer, BusinessWorld, and most other dailies should also be checked out for more information. Sites like E-Yellow Pages and the DTI’s website, as well as the UP ISSI website, can be helpful online.
Many private and public organizations conduct periodic studies to monitor the growth and performance of specific industries. It is common for these studies to focus on a specific industry’s challenges and opportunities for expansion. There is no doubt that they will provide you with valuable data to aid in making sound investment decisions.
If you work in one of these industries, the government will give you a lot of support and incentives. First come, first served means getting credit for training and technical assistance first.
technology. Keep an eye out for technological advancements. These could be used to improve or upgrade existing production systems or to start a new business. Aquaculture research and development has made prawn and bangus culture viable businesses. Recycled materials like wood pulp and volcanic ash have given rise to a variety of new products in the manufacturing industry. This year’s DOST-developed products include canned laing and vacuum-fried tahong. As e-commerce has opened up new web-based businesses as well as new ways of doing business, so has e-commerce.
Adapt, improve, and reshape.
Stay alert. Observe your immediate surroundings. Is there anything you can glean from it, given a few alterations?
Learn about the economic conditions in nearby towns that are similar to your own. You can draw inspiration from a variety of projects that have worked in these areas and that you can adapt to your own local context. Don’t just copy and mimic. Innovate! When you innovate, you’re taking something that someone else came up with and making it better for your needs. A repackaging of products or services to conform to current trends or fashions may be necessary in this instance. Enhancing a product’s features can be as simple as coming up with new and inventive ways to improve upon existing ones.
Examine industry-to-industry ties and connections.
There are certainly a variety of businesses in your area. Investigate existing businesses to see if you can glean any business ideas from them. Agricultural projects such as poultry or hog raising, transportation services, and the supplies needed for meat processing might be stimulated by a backward linkage with a processing plant in your area. Consider selling poultry feed, egg trays, and other supplies to local poultry farmers. As an alternative, a forward linkage would look into possibilities for packaging, subcontracting, or trading and distributing finished products.
Analyze your options and choose the most suitable one.
It is possible to come up with a number of other business ideas. As a result, you can narrow down your options to just two or three projects. As a result, you are unable to work on all three projects at once. You’ll have to go through the candidates and pick the best one.