The information in this article is based on an interview with Nichole Joseph-Cupid, CEO and Owner of Business Lifeline Limited on the Straight off the BATT live show.
Joseph-Cupid shared that although many people generally identify business opportunities that generate revenue, the challenge comes when there isn’t sufficient revenue being generated to cover the business’ expenses. She suggested that hopeful business owners should identify unique business opportunities instead of trying what everyone else is doing.
Here are some tips for identifying viable business opportunities in T&T:
- Consider remote business operations: The pandemic affected many businesses globally, which led to the unfortunate closures of some. However, there was also the opportunity for business owners to migrate to an online environment. Therefore, some business owners would’ve invested in websites and social media to ensure that they were still generating an income during lockdowns.
If your business can operate remotely, then you should consider doing so, as it can save you a lot of money on overhead costs that come with a brick-and-mortar store.
- Do research on what’s in demand: The lockdowns caused a large increase in delivery for couriers as a result of consumers choosing to shop online. People who may not have ever used online shopping previously, did so because of the lockdowns and subsequent store closures. In addition to the adjustments to procedures implemented to combat the virus, such as contactless delivery and the elimination of signature requirements to restrict interaction between consumers and drivers, this increase in demand has had a substantial influence on the sector.
Therefore, due to the pandemic, courier services were in high demand. Business owners should be able to assess the current environment and then identify opportunities that will take us into the future.
- Identify the problems people are experiencing: If you are capable of identifying an issue that customers are experiencing, it’s an opportunity to find a solution to the issue. Therein lies a business opportunity for you to pursue. When you adopt a problem-solving mindset, you will see that most problems are truly opportunities.
You can easily identify these problems by looking at your own life to determine what you struggle with, create a poll and gain feedback from your friends, family members and colleagues, or even expand on existing solutions that are on the market.
Want to learn more about how to identify viable business opportunities? Check out our video below:
This article is based on a discussion with Nichole Joseph-Cupid, CEO and Owner of Business Lifeline Limited on the Straight off the BATT Live Series from the Bankers Association of Trinidad and Tobago. The show aims to help you understand financial literacy and education. Join our mailing list, here.