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Do you have capital but are unsure of how to invest it? Here is a list to guide you on the journey to determine the best investment for you.

Study Your Interests

List down the things you are interested in. You can also list your skills and talents. Afterwards look at how you can make money from each of the activity listed. In order to arrive at the most favorable activity that can be turned into a business, study the current market, competition and returns. A saturated market does not always mean that you need to keep off. When you place focus on the consumer, investing in a saturated market often times turns out to be a lucrative idea. The aim of studying your competition is to look for their limitations and capitalize on them. Offer your clients what the competition does not offer.

Often times, what you know is not always enough. Take advantage of free online resources and hone your skills. Alternatively, you can enroll in a short course for the same.

Examples of interests include, baking, sewing, fashion, writing etc.

Take Advantage of Social Media

Participate in social media chatter. Look at the issues raised in social media in regards to consumer goods and services. This way, you will be able to identify and gauge the demand of certain goods and services among different populations.

You can also use social media trends to predict future demand. For example, if netizens are discussing the fashion trends of a certain celebrity, how about you stay ahead and start selling these trendy designs as soon as the celebrity posts a picture? The good thing about social media is that you enjoy free advertising.

Turn to Friends and Family

Study their patterns, ask for their help and you will be surprised at the ideas they will have for you. It is argued that we don’t know ourselves until we mingle with others. On this note, your friends or family members will be able to give you ideas that are aligned with your personality.

They will also help market your business.

Look at the Products You Consume and Examine Their Weakness.

When you always have something negative to say about a particular product or service, why don’t you try building your own brand and raise the standards?

When it comes to products, it doesn’t have to be the product itself, it could be the packaging. For example, the bottled water business is a saturated field, however, as a new investor; you can come up with trendy and unique bottle designs that will attract the consumer more than the regular water bottles.

Look For Opportunities outside Your City or Town

An abundant commodity in your city could be scarce in another city. Look at day to day food products like onions, tomatoes etc. Comparing the demographics of your city to that of another city will expose potential business ideas. You don’t have to travel to another city, you can look up city based social media groups and study consumer needs.