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B. Business Opportunities

Many people think that all you need to start a business is one good idea. While that can sometimes be true, the best foundation for business success is to have several possibilities for creating profits. It is a worthwhile exercise to explore additional products, services, procedures and processes that may enhance your initial idea. The best and most successful businesses are often the ones that are unique or innovative. Many entrepreneurs take a planned approach by starting a detailed search for business opportunities such as:

  • Supply shortages
  • Market gaps
  • Business ideas that have been successful elsewhere
  • Ways of selling special, unique or rare personal skills and abilities
  • Products or services that will make life easier for people

MBEC suggests the following to help you determine possible business opportunities:

1.      Business Magazines such as PROFIT, Entrepreneur and Home Business Magazine or their respective internet sites have information about running a successful business or potential business ideas.

2.      Business sections of major newspapers such as the National Post or the Globe and Mail are a wealth of information on growing industries or industries that may be experiencing challenges.

3.      Tradeshows and industry events that focus on business or in an industry in which you have skills and expertise are an opportunity to check out market trends or new and innovative products and services.

4.      E-bulletins or e-mail newsletters are a wealth of information to either keep you up to date on business trends, changes in government rules or regulations or as ways to let potential and existing customers know of product and service offerings.