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