Where Do Your Business Opportunities Lie?

"I’d love to start a home-based business, but I don’t have a great idea. What kind of business should I start?" This is a question that business counselors hear on a daily basis from people looking for that magic answer. Unfortunately, there isn’t one. Instead, there are many more questions that need to be addressed before an answer (magical or not) can be found.

Is there a demand for your experience and/or your area of expertise and interest? Where and how can you successfully fit in? Can you solve any problems? Research has shown that many successful ventures come from gaps in the marketplace or from ideas that solve problems.

In their book Finding Your Perfect Work, Paul and Sarah Edwards identify the following signs for spotting a business opportunity:

1. Complaints and problems. What do people hate to do? What do they complain about? Would they be willing to pay someone else to do it? Remember, within each complaint or problem lies an opportunity.
2. Trends. Think about the business opportunities that might arise from the following trends, for example: less free time, concern about the environment and changing family patterns.
3. Special needs. Be on the alert for people and organizations with special needs that aren’t being met. How can you determine these needs? Try number 1 above—listen for complaints and problems.
4. People like you. Think about what you like and apply your skills to meeting the needs of people like you.
5. New technology. New technology not only provides new opportunities, it also creates secondary needs for products and services: selling, consulting, teaching, maintaining, developing accessories and so forth.
6. New legislation, regulations and policy changes. Many legal or policy developments create the need for new products or services, so ask yourself how you could help others adapt to these changes.

Take stock and decide what you can do. If starting your own business is a call you want to answer, look around for opportunities or gaps in the marketplace that need to be filled. If these opportunities or gaps complement your strengths and interests, you’ll be ready to narrow down the field of possibilities and choose a business that’s a good match for you.

Barbara Cunningham, CunninghamB@missouri.edu
Business Development Specialist
Clay County, Missouri
University of Missouri Extension