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How To Identify And Research Business Opportunities In Your Locality: Vital Tips For You

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Research business opportunities

How To Identify And Research Business Opportunities In Your Locality: Vital Tips For You

Research business opportunities

Your ability to identify and research business opportunities to know their viability in your locality will greatly impact your business in the long run. Research has shown that you can’t just dive headlong into a business and do well in the long run, although exceptions exist. Making out time to identify and research business opportunities is something every entrepreneur must learn to more often. Whether your business has been successful over the years, you will need to carry out in-depth research before expanding such business. In fact, the importance of a robust business opportunity research cannot be overemphasized.

Also Related: How to identify your target market in business 

The aim of this article is to help you in your quest for identifying viable business opportunities in your environment. This work did not stop in helping you identify great opportunities in business, it went further to provide tips on how you can research business opportunities. Every would-be and already existing entrepreneurs face the challenge of finding the best business opportunity in the market. For you to be successful in business, it is very imperative that you constantly innovate while keeping an eye out for new business opportunities. The question of finding new business opportunities is what this article answers for you.

Ways To Identify And Research Business Opportunities In Your Environment

A good business consultant would give you guidelines that will definitely look thus:

  • Critically evaluate yourself and your abilities

It was the great philosopher Socrates that said: “man know thyself.” Before you start to consider any business opportunity, it is very important that you know the things you are capable of doing. It will be a waste of time and resources if you delve into bread baking business when you know that you can’t stand the heat. If you enjoy being a field salesperson, will you be capable of sitting behind the counter and attending to customers in your retail shop? Before you can go into business opportunity research, you have to know your abilities and capabilities.

  • You need to have complete knowledge of the product or service

When you are considering different business opportunities, the one you have great knowledge about should always take priority. If you don’t have any idea about a particular business, it will be very catastrophic to venture into it. A good business opportunity also comes with good background knowledge. You may not know anything about the business but the success indicators are glaring. In such a case, you will have to make out time to study and understand how to operate such a business.

  • Carry out a market evaluation on the business

In your quest to identifying good business opportunities to venture into, you need to make a quality market evaluation of the product or service to be offered. When is the right time for you to introduce or launch the business? How is market competition? What is consumer behaviour towards such a business product or service? When you must have gotten answers to all these questions, then you can categorically say that the market is ripe for the taking.

See: How to avoid bad debts in a business

  • Find out how many business competitors have been successful with the business for a long period of time

This will help you to know the success rate of the business and it will guide your decision-making process as well. This will tell you whether the business is profitable or not. When you see that your potential competitors have been in the business for quite a long time and that they have been very successful, it is a determining factor that such a business is worth considering. The major challenge that you will face is competing with people that have already established themselves in that business space. With good marketing strategy, you can as well care a niche for yourself and start from there.

  • Pay attention to your potential client’s needs

In trying to identify and research business opportunities in your locality, you need to listen to the needs, wants, challenges, and frustrations of your potential customers. Have these people made use of similar products in the past? Why do you think they will leave your competitors and patronize your product or service? Do they have any objections regarding your product or service? By answering such questions, you will find opportunities to develop more tailored products and services for your customers. It will also help you relate closely with your target market as well as surmount the common objections.

  • Monitor your competitors

You need to carry out a competitive analysis to give you an idea of what your competitors are doing. Even more important is what your competitors are not doing. Identify those places that your business competitors are lagging behind and capitalize on it to launch a better product or service to the people. Identify those things that make your customers go to them, rather than come to you. When you critically analyze your business competitors, it will help you to identify important and key business opportunities. It can also help you to expand your market reach and develop your products and services.

  • Consider the industry trends and insights

You need to be up and doing in your industry at all times. Ensure you subscribe to your industry publications, be part of all the relevant associations. You need to completely absorb yourself in your industry and constantly educate yourself on all the latest techniques and trends. If you become docile and have no idea of what is happening in your industry, then there is no way you can know the inherent opportunities that abound therein. As an entrepreneur, you must understand that isolation is business suicide, it only takes a little time before it manifests completely.

Conclusion

It does not make business sense for you to delve into any business without first carrying out robust research on viable business opportunities. This article has provided you with important and essential tips on how you can identify and research business opportunities.

Kindly leave your thoughts about the topic in the comment box provided below.

                                                                        

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How to Start Buying from Aliexpress and Make Money

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Are you looking for a good business idea that will bring you some cool cash within a fairly short timeframe? Then you should consider buying and reselling goods (importation) from Aliexpress.

What is Aliexpress? Why Should You Use It?

According to Wikipedia.org, ‘AliExpress is an online retail service based in China owned by the Alibaba Group. Launched in 2010, AliExpress is made up of small businesses in China and other locations like Singapore that offer products to international online buyers. The Company (AliExpress) facilitates small businesses to sell to customers all over the world.

How to Start Buying from Aliexpress and Make Money

How to Start Buying from Aliexpress and Make Money

You might be wondering if it’s safe to buy from Aliexpress. Well, it is very safe to buy from this Chinese site in fact, safer than buying from other e-commerce websites you might know of or that you are used to. This is because in Aliexpress, you are protected no matter what you buy as far as you buy it directly from the site.

Again, why this is so is because, most of Aliexpress suppliers who list their products on the site are legitimate. Hence, it is very safe and reliable to buy from Aliexpress. But there are still a few bad eggs on the site of which you should be aware of and refrain from.

Why Are Products So Cheap In Aliexpress?

A common question asked by many people is, “Why are products so cheap in Aliexpress?” this is a genuine question because many people think that most of the products on Aliexpress are not of high quality because of their low prices but this is very wrong!

Aliexpress products are cheap because most of the merchants selling products on Aliexpress are based in China. Since most of their products are manufactured there (in China) and this is not done by a few companies but hundreds of companies, the market forces significantly bring down the price of goods.

Besides, the cost of production is relatively cheap, China has a lot of resources to deploy easily plus ready technologies which significantly reduce the production cost. Finally, given its huge population statistics (Over 1billion people), the cost of labor is cheap too. When combined these ergonomics help in pulling down the price margins for goods compared to other parts of the world. These and more reasons account for why most of the products made in China are Cheap.

The Two (2) Modes of Buying from Aliexpress.

There are two ways of buying and reselling goods from Aliexpress namely (1) importation business and (2) dropshipping. each of these ha its advantages and disadvantages. In an earlier article, I did an in-depth analysis of what these two (2) forms of buying from Aliexpress entail, their pros and cons. Do well to check the article here.

For more resources on importation business in Nigeria, please read this free guide where I explained this subject matter in detail.

You should also check out my additional guide on how to start dropshipping business in Nigeria.

For this guide, my focus is on both importation business and dropshipping. The section below shows a summary process for buying from Aliexpress and reselling whether you choose importation business or dropshipping or both.

Step-by-Step On How to Start Buying from Aliexpress and Make Money

To start buying from Aliexpress to sell and make profits, here are some tips to help you:

(1) Choose a Specific Niche.

Choose a very targeted group of products that are always in high demand all or nearly all the seasons. This is called the target “general” niche. After choosing a target niche, proceed to choose a good category (that fits your interest) from that niche. For example, you can choose “Ladies’ Wears” as your target niche then choose “Shoes and Bags” as your category.

(2) Compare Shops Offering Products In Your Niche.

If you choose ladies’ wears as your niche, for example, then you should visit some shops in your area (or in your town and/or wherever you want to sell to) to see the kind of ladies’ wears that are trending at the time. Once you’ve known what sells, go to Aliexpress and check if you can find the product there.

If you see the products, begin checking for and consulting or checking with the sellers or suppliers of the products on Aliexpress. While doing this, please make sure that your prospective Aliexpress supplier is reliable. You can check reviews from his previous customers to know if he/she is worth doing business with or not.

(3) Order Samples.

Before you start bulk-buying what you are going to resell, order some samples. This will enable you to know whether the products are good or not. Also, it will open your eyes to the time taken before products are delivered.

(4) Buy the Products, Market It.

After you’ve ordered the product  samples, tested and found them to be market-worthy, the next thing you have to do is to go ahead and start buying the products for sale. However, understand that your brand will not spread if you don’t advertise it effectively.

There are many ways to advertise or market a business. If you make a website to use for your advertorials and marketing, make sure it is customized and that your product’s pictures are of high resolution. You can run Facebook adverts (ads) or contact social media influencers to help you promote your brand.

(5) Focus on the Welfare of Your Customers.

Nothing much to say here than this, “take your customer’s welfare and user experience seriously and reap continuous rewards. Neglect this and sit back to lick the consequence”. That’s self-explanatory enough. Isn’t it?

Conclusion

To start buying from Aliexpress and reselling to the local or international audience, make sure that you buy what is trendy and in high demand else you might end up not getting customers and run into severe loses. Ladies wears and fashion items are good categories to choose because there is always a new trend that sells like hot Shawarma and the demand is always high. I wish you the best of luck in this industry. Thank you for reading.

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