Models for Business Opportunities

Scan the environment: Look for changes or events within the social, technological, economic, environmental, and political spheres that might generate business opportunities.
Spot trends: Understand and capitalise on major trends or changes within your industry or market.
Listen to customers: Customers often provide invaluable insights into what they need or want, which can inspire unique business opportunities.

Freemium model: Offer a product or service for free while charging for premium features, services, or goods.
Subscription model: Charge users a recurring fee to access a product or service.
Leasing model: Lease out your product for a certain period instead of selling it outright, ensuring regular income.
Agency model: Act as an intermediary between the customer and the supplier and earn a commission on each transaction.

Is there a need?: Establish whether there is a real need for your product or service in the market.
Profitability considerations: Look at the potential profitability of the opportunity. This includes costs, pricing, and anticipated sales.
Competitive analysis: Evaluate the competition in the market to understand your competitive position and whether the market is saturated.

Develop a unique selling proposition (USP): Specify what makes your product or service unique and how it outperforms comparable offerings from competitors.
Consider scalability: A good business idea should be scalable – it should have the potential to grow or expand.
Breathe life into the idea: Formulate your business idea into a tangible concept by creating a business model. The model should detail how you can turn the opportunity into a profitable venture.

Identify key resources: Determine what resources are indispensable for operating your business.
Establish key activities: Identify the essential activities that need to be performed for your business to succeed.
Identify key partners: Consider who can help you reach your business goals quicker or more efficiently.
Develop revenue streams: Decide how your business can generate income from customers.