Perhaps the most effective way to look for business ideas and opportunities is to study trends. Be on the look out for emerging new trends where you can get in early and reap the profits before everyone else does.
However it is important to understand the difference between a fad and a trend.
A fad is like a wave washing up on shore. A trend is like the tide. Remember the hype of Ninja Turtle toys? They were a fad, and the market was flooded for a short time, with all sorts of Ninja Turtle merchandise - T shirts, watches, confectionery, stationery and even Ninja Turtle ice cream... it was all available.
However it is important to understand the difference between a fad and a trend.
A fad is like a wave washing up on shore. A trend is like the tide. Remember the hype of Ninja Turtle toys? They were a fad, and the market was flooded for a short time, with all sorts of Ninja Turtle merchandise - T shirts, watches, confectionery, stationery and even Ninja Turtle ice cream... it was all available.
Ninja Turtles were a passing fad. Agreed, you can make a quick buck out of fads. But, you can also get your fingers badly burnt. This is because; fads can be here today and gone tomorrow. Getting left with unsold stock can wipe out all the profit you have made - very quickly.
Compare this to the Barbie Doll. She is a trend. The Barbie concept has been developing steadily for decades. The doll hasn't got any older mind you. Barbie has moved with the times to reflect the changing market. Barbie is a trend.
Forget fads, unless you are very quick footed. Trends are usually a safer bet in business.
Another tip is to focus on marketing and innovation to increase your business sales and profits. Marketing is everything you do to promote your business; from start-up, to the point where customers buy your products or services, and buy from you again and again.
Marketing is what makes a business tick.
The real purpose of any business is to bring in a customer. And, there are really only two ways to do it - through marketing, or through innovation. If you really narrow it down - marketing and innovation should be the only two functions of a business. So therefore, everything else is an expense.
Good marketing can save you money and make you money. Innovation can provide a competitive edge that can set a business apart from every other business in town. Combine the two, and you have a power formula for business success.
