How do i find a good business opportunity?

19 replies
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I have tried to run my first business last year, unfortunately, it was not a success.
It was a supplement business, there was way too much competition in this industry.
The upside is i learned a lot from it.
I would still like to start a new business, but this time with a good idea.
How did you guys found your business ideas?

Gaps in the markets are so hard to find these days...
#business #find #good #opertunity
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  • Profile picture of the author HBArif1
    [DELETED]
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    • Profile picture of the author roylarma
      Your suggestion is so encouraging! How to market research please!
      Thanks!
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  • Profile picture of the author seoserviceusa
    Bike Sales, Service and Rentals
    Given the health and environmental benefits, it's no wonder that bicycling has become the second most popular outdoor activity in America by frequency of participation. According to peopleforbikes:

    U.S. bike commuting has grown 47 percent nationwide and 73 percent in the largest cities over a 10-year period. North American cities are trying hard to increase the number of people using bikes rather than cars to commute to work.
    Americans spend $81 billion on biking annually, generating 770,000 jobs.
    Anything that's healthy, popular, good for the environment and heavily promoted by government is a pretty good business bet. In addition to pedal-only powered bikes, E-bikes have become very popular. E-bikes can be pedaled without electric power or use electric power to assist, and sales are expected to hit close to 50 million units by 2018. Regular pedal bikes can be converted to E-bikes with a kit that allows replacement of the front or back wheel hub with one containing a small electric motor and adding a battery and cabling.

    If cycling is your passion and you want to become an entrepreneur, this may be the perfect business opportunity for you.
    Thanks
    Jacky
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  • Profile picture of the author Fred Kimberly
    Its a good spirit that you;re still into setting up a new business. I'd say try yur luck with Amazon..but hey, competition is still intense here.

    All you have to do is finding the right product in the right niche where competition is low and demand is high. It does take an effort when you manually research the products in an unsystematic way by using your own creative thinking and experience. This can be a lot more hectic and labor intensive job. You need to do brainstorming and document everything you do, see, hear, touch and experience on a daily basis to identify what and where would you sell and it should also fulfill customer's need.

    You can also use product research tool for Amazon sellers to find profitable products within minutes. Then source your products, sign up with Amazon, create listings, optimize it with most relevant keywords and start promoting it. That's a quick overview on starting new business online.
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  • Profile picture of the author RuthMakesMoney
    There's no shortage of ideas to start a business. There's hundreds of them, probably even thousands, and many of them are good, solid ideas that a ton of people will absolutely be able to make a success of.

    The trouble though with coming to forums for ideas is that it's all very subjective. People will be biased towards stuff that has worked for them - which is totally understandable - and they'll have rose tinted specs on about why it's so great. And some will inevitably have an agenda too. Like 'hey dropshopping is great!', with an undertone of 'BUY MY COURSE!'

    Finding something that's right for YOU is a different matter altogether.

    What are you personally interested in?
    What will keep your attention and your passion even when you hit the tough points?
    What problems do you see existing in your environment and when you're out and about, that you really want to fix?
    What are your goals? (in terms of cash and lifestyle... Some options lend themselves better to different outcomes than others).

    As this is in the e-commerce section, I'm assuming that you're looking to sell some kind of product.

    I've been self-employed for about seven years now, though earlier this year I decided to branch out and try something a little new. I looked into dropshopping and building an e-commerce store, but then I decided to take things right back to grass roots level, and start a store on eBay selling stuff that I picked up from garage sales, thrift stores, flea markets, etc.

    I absolutely LOVE this business, for so many reasons I hadn't even imagined. It gets me out the house (which my other income streams do not), it's totally different to anything I've done before, and it's also a whole load of fun. I love the thrill of picking up a vintage dress and selling it on for a good profit.

    Obviously there are limitations... My model isn't particularly scalable, for example. But I don't want it to be. I've got other income streams that hit my overarching revenue goals, so this is simply an enjoyable side project with a nice little cash incentive. That's what I mean about goals and the bigger picture.

    It's very possible to start an eBay business with just £50 in your pocket, and learn a load about what you care about, what sells, and what gets you excited. There's no substitute for getting out and touching and feeling your products and learning the ropes that way.

    Best of luck with whatever you decide :-)
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  • Profile picture of the author dave_hermansen
    Keep your eyes open as you go places or even when you are watching TV or a movie. See if you can spot things that cause you to ask "where do you buy that?" Those are the type of things that sell well on the internet - things that people cannot simply buy in any sort of wide variety in a local store. It also does not hurt to go to actual sores and find things where they only have one or two models. Often there are many more varieties of those products but they can only carry so much inventory.
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  • Profile picture of the author ryanbiddulph
    Follow your passion.

    What topics are you passionate about? Pick a few, then see how you can link your passion to some pressing problem, and you have the foundation for a successful business.

    Example; I love blogging and traveling. I saw a problem; most travel bloggers make little money, and need to travel home just to work a job, to boost their savings. So I created a blog and brand on how to retire to a life of travel through blogging. Passion + Problem = Prospering Business Opportunity.

    The passion really makes it go through; keeps you patiently practicing, and studying, and creating and connecting, well before any money flows in.

    Ryan
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    • Profile picture of the author dave_hermansen
      Originally Posted by ryanbiddulph View Post

      Follow your passion.

      What topics are you passionate about? Pick a few, then see how you can link your passion to some pressing problem, and you have the foundation for a successful business.

      Example; I love blogging and traveling. I saw a problem; most travel bloggers make little money, and need to travel home just to work a job, to boost their savings. So I created a blog and brand on how to retire to a life of travel through blogging. Passion + Problem = Prospering Business Opportunity.

      The passion really makes it go through; keeps you patiently practicing, and studying, and creating and connecting, well before any money flows in.

      Ryan
      I hear people say this all of the time. It's great if you have a passion in a niche with moderately easy competition and highly profitable products. That's almost never the case. If it happens to work out that way, though, what do you do for your next eCommerce site?

      We have set up more than 100 eCommerce sites that were all successful and we weren't even mildly interested in any of the things the vast majority of those sites sold.

      Follow the money! I guarantee you that when you start making money, you'll suddenly become much more interested in the products!
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  • Profile picture of the author bolaqcom
    try to put ur mind in long term item
    with no expire thing like food and chemical item
    i suggest maybe simple device like smartwatch or earphone
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  • Profile picture of the author martworld
    Start Reselling Business- Reselling high in demand products and services. You can start earning from Day 1
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  • Profile picture of the author BigDim
    Even with bigger competition I think patience and hard work will give results. There are very few niches with low competition nowadays, everything is out there on the market, everyone seeking for some cash you know...so just start, keep up working hard, have patience, never give up and you will succeed.
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  • Profile picture of the author ss442
    Sell something. I've tried retail arbitrage through Amazon and I've sold everything I sent in within days.
    Once you develop a method of selling something focus on it. This forum is full of opportunities from affiliate marketing to Ebay. You will copy someone else's success.
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    Ed Sunderland

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  • Profile picture of the author cameron242
    Hey!
    I always figured that it starts with you. There are endless opportunities, you just have to find what works for you. For me, I liked doing client work, so I focused on that & offered services I liked & was good at. Hope this helps!
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  • Profile picture of the author dana67
    Find a niche you are interested in. Study and learn all you can about it. Look at others who are successful in that niche. What are they doing? How are they doing it? What are they offering that others sites may not be?

    To be successful, understand your potential competition and then do it better than they are. Provide your potential customers, users, etc. something that others cannot.
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  • Profile picture of the author rajveer12
    first of all congratulations that you have the courage to be an entrepreneur. the first and very basic thing about the business is market research. before you start any business you just think about the options that you can do. analyze that in your research on the basis of 7P's i.e. product, price, place, promotion, process, people, and physical evidence. Make strategy according to the same point and start your venture. Keep in mind neither any business can give you profit in the first day. So just give some time to establishment focus on advertising and most importantly the quality or the service you will provide..
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  • Profile picture of the author franamico
    I think the fact that you found competition in the business opportunity you pursued is a good thing.
    It means there is a market for it.

    One of the most common mistakes is to rely on the opportunity and not on the branding.
    You should give people a reason to choose you instead of your competitor and that should be based on how much you believe in yourself and the value you can add to your ideal customer/client.
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  • Profile picture of the author Jamel Hassell
    A solution is a business in itself.Think of and search for what is lacking in the market and come forth with a solution for the problem.

    So think solution first second and third.You can have the greatest idea in the world but if you haven't identified a need or purpose for that idea you will run into trouble.
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  • Profile picture of the author SupplementNL
    Guys i am thinking about starting a business in selling yoga mats there is competition in it. I want to sell them using a another webshop with millions of customers. I have found a supplier in China which can provide me with mats starting at 20 pieces customised with logo. What do you guys think?
    Worth trying or not?
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  • Profile picture of the author Jamel Hassell
    I would look for a solution to bring to the market place first. What expertise do you have and how do you think those expertise would benefit your audience ?
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  • Profile picture of the author Lillie232013
    You can start affiliate marketing ,
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