Most people have the opportunity to start up a business - they just have the nerve to just do it...but when we talk about business opportunities what we really mean is some kind of advantage (opportunity) in setting up a business in a particular field or selling a particular product or service.
A business opportunity usually consists of four things:
Let's say for example you own a shop near a festival that sells wellies. At this huge festival the weather was predicted to be fantastic, but suddenly it lashes it down and turns the fields into quagmires. People need to walk around the fields in order to see the different acts - they need to get to the toilets, but it's impossible in their trainers.
In this scenario there is a need for wellies to get around the fields, you have the wellies to fulfill the need, you have transport to get the wellies there and you can easily sell the wellies to your captured audience either directly or through the organizers. It's a win win situation for all concerned, you've saved the day and sold all your wellies at a premium price as well.
Some obvious recent examples of business opportunities are mis-sold ppi claims and mis-sold mortgage claims.
Lots of businesses have jumped on the multi-billion pound business that sprung up due to the dodgy bank deals that have made world news.
Obviously with this kind of business you are going to need a huge amount of finance behind you in order to hire offices, staff while you chase up these claims - which could take a long time to push through and might not even make you any money if the claim is rejected. But for the businesses that set up early, as long as they can last the distance they can make a killing.
Other business opportunities can come about literally with the change in the weather. You aren't going to sell any umbrellas when it has been bone dry for a long time. Ice-cream doesn't sell well on a cold day.
If you spot a good business opportunity then it's no use if you don't act upon it. Everyone is full of stories of "I told you so" or "I knew that" but never acted upon their wisdom.
By having useful contacts and some spare cash set aside for any business opportunity that might spring up - it can be easy to make a fast buck...but usually only if you get in on the act early on.
Most of the time business opportunities come from you having the time to think up something or to explore/research into new avenues; unfortunately these days people seem to have less time to think while they are trying to maintain their current status in society.
Clearly if you have the ability to invent or develop new things - then that is an obvious advantage in being able to create a new product in order to fulfill the requirements of meeting a need. Anybody who invents a cure for the common cold will be an instant trillionaire.
Some of these are big businesses which aren't really opportunities to the lay businessman, in order to find a cure for the common cold the likelihood is you'll need an expensive laboratory with people working on the problem for a long time and at a large expense. Most businessmen don't have the access to large sums of money in order to get paid a year later - the money would run out for most long before the first check would arrive.
Also be aware of the new business opportunity that is too good to be true. There are lots of scams out there - where people are exploiting people's wishes to make more money by investing in fictional businesses based on fictional profits - so you need to keep your wits about you.
It is possible though if you have a forward thinking brain - look at trends and extrapolate to find the next niche market. Simply reading lots of magazines can give you an insight into what is coming up around the corner. Attend trade shows/fairs to find out what's new on the block and using your great business brain - seize that opportunity.
We have over 6000 business plans listed in our easy to find listings from 24 hour and DVD and Video Hire to Zumba Tuition.
If you've come up with a new business opportunity for a new business - then we probably have a free business plan for you......best of luck!