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Article #151: Business Opportunity - becoming an Independent Contractor

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A business opportunity is your own The baby boomers are aging. In the 80s,
special idea for a product or service you the baby boomers created a bulge in the
can sell successfully. In order to find population in the age category of 35 to
your own niche as an entrepreneur, there 44. In the 90s, the baby boomers will be
are a few important things to consider. 45 to 54 years old. What impact will this
First, you should analyze the population have on the market? Most baby boomers
changes and shifts in your local have already purchased the basics for
community that create market their home. In the 90s, if they buy
opportunities. In addition, you should anything for their home, they are looking
carefully consider your own interests, for quality. In addition, the aging baby
activities, and abilities. This last part boomers will probably increase the demand
is especially important. Development of a for health care service.
product or service that will sell The baby boomers produced a shadow baby
requires creativity and knowledge, so boom, which includes current middle
it's best to draw your ideas from that school students. In the 90s, the children
which you know best. of the baby boomers ranged in age from
The people a business serves are its toddlers to college students. Although
market. Your market, for example, might these children represent a smaller hump
be your friends, neighbors, classmates at in the population than the baby boomers,
school, or colleagues at your current many of them have more material
job. What might these people want to buy? possessions than their parents did at the
No one knows the answer better than you same age. For example, children of baby
do. boomers have more technological equipment
You might not realize it yet, but you than their parents did.
have unique knowledge that will help you There are more elderly in the population
to develop a business idea. Your everyday than ever before. They need products and
life is constantly providing information services that help them to live full
about market opportunities: What do your lives. It is no wonder that the home
friends like? What do your parents do on health care industry and retirement
weekends? What are some problems in your housing is booming.
community? Answers to these questions Lifestyles:
might lead you to a business opportunity. With the increase in dual career
The great thing about entrepreneurship is families, time is very important. Dual
that your success is not limited by your career families are buying many products
abilities or education. You should never and services to help them save time
feel that you are not good enough, or running the household. House cleaning
creative enough, or smart enough to services, day care centers, and lawn care
succeed. services are all becoming more popular.
The goal of an entrepreneur is to figure So are fast-food restaurants,
out what he or she can sell that particularly those that prepare entire
consumers need to buy. The most important "home-style" meals for take-out. Think
thing an entrepreneur needs for success about the young entrepreneur we mentioned
is a vision of what consumers need. above, who knows a lot about cooking and
Sometimes entrepreneurs can imagine, or wants to start a catering business. She
envision a need that other people don't might decide to target her service to
see immediately. Think about some of the working families, providing nutritional
things we take for granted today, like meals for them to share.
televisions. The companies that invented Americans are becoming increasingly
and marketed the first televisions concerned about the environment and the
imagined an unprecedented home importance of recycling. Many products
entertainment system. Before then, most come with labels that indicate if they or
families were happy with their radios, their packaging was produced in an
and didn't feel a specific need for a new environmentally-friendly manner. Other
form of entertainment. But as you know, trends we might observe include interest
today most families have televisions - to in health and fitness, and an interest in
the point where we almost feel like we the Internet and telecommunications.
"need" them. Another example: computer You can turn into an entrepreneur by
entrepreneurs saw a future with computers turning everyday experiences into
in every family's home well before people business opportunities. Learn to look at
could imagine using a computer regularly. life differently: If something is
Changes in the business environment inconvenient or troublesome, imagine a
create opportunities for entrepreneurs. solution... and there's a business
Successful new businesses are usually opportunity. If you use a product in a
created to meet a specific need in the new way, you could redesign it ... and
society. So, what does society, or the there's a business opportunity.
market, need? Let's start by looking at Cedrick Brent is a writer and
shifts in the general population's age entrepreneur with 3 years of home
and lifestyle. business and marketing experience.
Age:






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