Identifying and starting highly profitable business opportunities is a skill or system that can be developed. It is not genetic. You do not need money. You can start at any (young or mature) age, on just a few hours a week. Whether you want a side hustle, or to start your own business, there are 6 tactical elements of identifying the right and most profitable business opportunity for you. It is not one size fits all.
Here are the 6 tactical elements of identifying and starting profitable business opportunities. These will help you fin cash flowing, online, part time work full time income business opportunities. You don’t have to tick all 6, but the more you tick, the more and better the profitable business opportunity will be for you. If you want to jump right to my personal recommendations, see below nearer the end:
1. What do you enjoy doing (mostly)
It’s a bit of a myth that you have to have a ‘huge passion’ for a profitable business, this would probably be a hobby, but it is important when identifying profitable business opportunities that you do at least have to want or like it enough to:
a. Keep going when it is hard (because what’s right isn’t easy and what’s easy isn’t right)
b. Be better than everyone else (the better you are the more sales and money you will make)
(And it’s easier to be good at something and make profit from it if you also like it. You can be good at a business model or niche, but you can also be good at making money).
c. Give off the energy that is attractive to buyers/partners etc.
The more passion, the more energy, the more energy, the more radiant, attractive and believable you are, therefore the more credibility you will have and the more and easier it will be to sell. Selling is a transfer of energy.
2. What works well with your strengths?
A.I. could work as your identified profitable business model if you are technical, but not if you are creative. Being an artist will work if you’re creative, but not if you’re analytical or technical. Remove the friction of the business model against your weakness and increase the speed and ease aligning with your strengths. Then you focus on those strengths and ruthlessly outsource your weaknesses or other required attributes and tasks.
3. What is there HIGH demand for?
a. High demand in the current market or part of the economic cycle (AI, membership sites, information, etc.)
b. High recurring/perennial demand. What is there always demand for, no matter what part of the economic cycle we are in? (health, fitness equipment, life longevity, etc.)
4. How is the timing?
Is the opportunity you have identified in the early adoption part of the cycle? Is it in the latter, mature part of the cycle? Be mindful that you can be both too early in the cycle, where the profitable business opportunity you’ve spotted is unproven or volatile, or you can be too late where the profit margin is low, the competition is high or the regulation and barriers to entry are also high.
Many young hustlers timed crypto very well. Social media agencies, editors and content creators are timing the market well right now. A.I. could be the next perfect market to time. The average start up entrepreneur is in their mid 40s, so it’s never too late to start, but it’s always too late to wait.
5. What resources/network is available to you?
Young influencers like Logan Paul, Jake Paul and Mr.Beast were raised on the Internet and social media. Older billionaires like Bill Gates had access to the early supercomputers, which gave him an unfair profit advantage and an abundance of resources to build a computer company. Your location might be good (or bad), for identifying your profitable business opportunity, for example are you located close to oil, or in an area where there are many ideal or wealthy potential clients. Do you have mentors and people experienced in your desired opportunity that are local and you can call upon? Is there a network of contacts, suppliers and staff that you can leverage?
6. What industries are old, tired, lazy, monopolistic or unfair?
Not everyone has the stomach to seize opportunities like this, but they can be very rewarding. Richard Branson would attack gym, airline and other industries he deemed to lack competition, as a way to drive value and win business and make profit. Elon Musk seems to do this with space, cars, social media; even cryptos, content. He seems to be made for and loves the challenge of being disruptive. AirBnB disrupted hotels. Uber disrupted taxis.
Assess these areas above when identifying and starting profitable business opportunities to get an unfair and tactical advantage when setting up your business. You don’t have to tick every one of the 6 areas, but the more you tick, the more aligned and less friction your business is likely to be. Avoid traps like ‘do something you love’ or ‘go where the money is’. It’s not that these are wrong, it’s just that these are too singular and simplistic to work in the real world of business when identifying and starting profitbale opportunities that work for you.
If you want some guidance from me, look into social media agency, editing content into multi media for creators and influencers, becoming a creator yourself, starting a membership site like https://rob.team, and/or turning ideas into income and content into cash flow via monetising information in the form of social media, courses and mentoring, online and face to face once you have built a community. And, of course, A.I.
If you want further information on being a ‘Disruptive’ entrepreneur and identifying and starting business opportunities, the #Disruptors podcast (on YouTube & audio) is nearly 1,000 episodes in & there are 100s of interviews with billionaires, disruptors, movers, shakers and game changers.