Looking for online business opportunities? Before you decide on how you want to make money online, you should research the current trends so you can spot online business opportunities before others do. Being among the first increases your chances of success considerably, so you will have to follow industry trends and do in-depth research of any leads first.
So, here are three ways to spot online business opportunities:
#1 Buying an Established Online Business
A great way to find online business opportunities is to take a look at websites that specialise in trading already established businesses. The two that stand out currently are:
- Exchangemarketplace.com by Shopify
- flippa.com, where business owners can sell their current business, and get in touch with interested buyers.
There’s all kind of businesses to choose from there: dropshipping, inventory, retail stores, and established businesses from all types of industries, from art and industrial products, all the way to services, supplies and toys.
Looking at these websites can give you a good idea of what types of businesses have great revenues and which aren’t doing well. These also give you valuable insight on what niches to aim for if you want to start a business from scratch. To earn money online this way, aim at those industries and niches where there is little supply and lots of demand.
#2 Use Google Keyword Tool
The Google Keyword Tool is not only a great instrument to identify keywords for your business, but also to spot online business opportunities by finding gaps in the market. The principle is rather simple – by looking at what people are often searching for, you can use the data to identify where they are not finding solutions; that is, where there are very little businesses ranking for keywords.
Your best bet if you want to earn money online is to find a gap, and offer the answer to what all these people are searching for. You don’t even have to reinvent the wheel: you can look at a specific industry and find out what people are complaining about the most when it comes to already established businesses, then, up your game to offer a superior service, feature, or product.
#3 Read Business Forums
Business forums are an awesome way to identify online business opportunities because not only do people share their real-life expertise and experiences, but many business owners write about the issues they are facing there, and are looking for solutions to those problems.
This is your best option to make money online. Once you identify a problem, work on finding a solution that will solve that issue or at least a part of it. For example, one thing that people who buy used cars are often missing is the car’s manual. The website “Just Give Me the Damn Manual” has become a hub where users can upload their car’s manual and help others out. It’s completely user driven and has very little expenses, but the profit made with Google AdSense made it into a great passive revenue stream.
The success of your online business idea depends on your ability to find online business opportunities. What do you think is the best way to spot one?
