Category: Our Blog

Many times, we hear friends, family members or colleagues asking about the right kind of
business to invest in. Recognizing a good business opportunity doesn’t necessarily require
talent or a special skill set. It all comes down to scanning your surroundings to find a gap that
you can then plug in and turn into a successful business.Let’s have a look at approaches you can use to identify a business opportunity

Turning your talent, skill or passion into a business
Are you good at something? Cooking? Website design? Taking care of young children? Do you
like to write? You are sitting on a business opportunity! With your passion, you can start and
grow a business to its full capacity. Of course, you will require some capital and a well laid out
plan to make it work. Look at Churchill Show, a business idea born of a passion to make people
laugh! Quite possible, don’t you think?

Addressing an existing gap or need
It is a hot day and you feel like grabbing a cold blended juice. But wait! The guy who sells it just
closed shop! Now thirsty and no juice? There is an opportunity for you. Take a walk to think
about that thing you, your friend or your family wants but are unable to get because either it
hasn’t been brought to your neighborhood or it runs out before you even get a hold of it. Do
some research, talk directly to the target market. After all, the best way to see if people are
going to be interested in your business is to ask them.

Providing a solution to an existing pain-point
Some of the best businesses were created out of the frustrations of the entrepreneurs while
seeking a given product or service. Let’s use the case of Uber which came in at a time when you
had to get taxis from designated parts of town and thereafter haggle over the pricing for the
ride. Uber brought convenience to both taxi drivers and the clientele. Today, from the comfort
of your office or home, you can easily hail a cab, even estimating the cost of the ride
beforehand. Amazing!

Improving on an existing idea
Inventing a completely new product is no easy feat. However, with the addition of an extra
feature to an existing idea, you can turn it into a more competitive product that addresses the
need of your target market. Let’s say you specialize in developing house locks. Adding extra
features to your lock, for example, to include an alarm and notification of the nearest security
company makes it stand out from all other locks in the market. Whereas the lock, in this case, is
not a new product, the additional features make it a lucrative business venture.

Whereas there’s numerous ways through which one can come up with a business idea,
sustaining the idea will depend on the quality of products and services, great customer service
and how well the business idea is executed. The right team that goes out of their way to deliver
consistently to clients need is also key.

Do you have more tips on how to identify business opportunities? Let us know what has
worked for you.

In the spirit of self improvement, people are always making resolutions. Lose weight and get
fit are always top on the list. Spend more time with family and friends also come up a lot. So
does cutting out negativity and spending money wisely. While we cannot help you with the first
three, we can certainly give number four a try. A quick search reveals that of the top ten New
Year’s Resolutions people make, three are related to money. This is probably partly brought on
by guilt from excessive holiday spending. However, most people just want to learn to make
better financial decisions. Here’s how you do it:

1. Make a budget and stick to it
You knew this was coming. You’ve been told many times to do it. In fact, you are tired of
hearing it. Yet it cannot be stated enough! Budgets keep you accountable. They help you
discover your spending patterns and literally force you to prioritize your expenses. It’s much
harder to go on a mindless shopping spree when you plan what you will buy in advance. The
great news about budgeting in the 21st century is that there are apps for that. It’s quite simple,
really.

2. Pay off debt
Getting rid of debt gets you closer to financial independence, but it can be an uphill task. The
easiest way to go about it is to give yourself a deadline and then work backwards from there.
Say you have a student loan and you give yourself a two-year timeline to refund it. You are now
able to calculate how much you would need to pay monthly or weekly in order to meet your
goal. Add that amount to your budget and ensure payments go out at regular intervals.
3. Set savings/investments goals
It is all well and good to save money, but what is it for? A new house? School fees? A vacation
at the Bahamas? If you do not have a savings or investments goal, you might end up
squandering money you had managed to put aside. Take some time to think about what you
want in life, figure out what it will cost you and then find an investment or savings package that
will get you there.

4. Have an rainy day fund
An emergency fund will help you cover those unexpected expenses without forcing you to rob a
bank or acquire crippling debt. It is recommended that a rainy day fund be the equivalent of at
least three months’ income. Try it, you’ll thank me later.

5. Sleep on it
Our brains cannot resist a “good deal” and marketers know that. They also know that if you
stop and think about it, you might change your mind, so they try and convince you that it is
urgent.

“Flash Sale!” “LIMITED TIME ONLY!” “Do not miss out!” “Valid while Stocks Last!”
You see this and you must have it, NOW! But here’s my advice: sleep on it. If you still want it as
much in the morning, then go and buy it. I can almost guarantee that you won’t.
In conclusion, having a handle on your finances not only makes you more self-sufficient and
improves your quality of work but also boosts your confidence and discipline. It is a skill worth
investing in.