What makes a good business opportunity?
As a first step, understanding which type of opportunity you're looking for and what your goals are is crucial.
In addition, there are a few general things that should always be present with a good opportunity (no matter what type):
- The product meets a need
When sniffing out opportunities, ask yourself if there is a genuine need for this product or service. Does the offering solve a problem for users?
Understanding the unmet needs of customers allows you to discover whether you can supply those needs, at the price customers want to pay, and profitably.
- Are we resourced enough to succeed?
Do we have what it takes to run that type of business right now? Are we going to be able to afford the resources needed to help the business succeed? Do we have the ability to bring together the resources and capability needed?
- Is the timing right for resources and the market?
Timing can make or break. Everything has to line up for the opportunity to truly work. If the timing is wrong, best to pass or revisit it later. Keep watching the market and researching so you're ready to move when the timing lines up.
- Can this work in our location?
If the opportunity meets a need, that's excellent but it won't mean much if that need isn't applicable to your targeted location. Demand can be very location-dependent. Be aware of regulations that affect that industry. Are there any local regulations that would limit success?
- Provide the offering at the right price according to the market
You have to consider the market and price. Understand your competitor or like offerings before setting any price points. Determine whether you can provide the offering at a price the market will pay. Will this price attract customers and still earn a profit?
- Tailor the marketing approach to the business
Implement a marketing strategy that has been tailored to the business and the customers it serves. Identify what has worked in the past and add new ideas that compliment the business model. When selecting marketing tools, also evaluate them from a financial and cost basis. Each initiative should lead to a revenue-producing result in one way or another.
- Implement an action plan
Go from planning mode to go to work. The action plan will provide the map to measure progress. Goals need to be regularly reviewed. If you're missing the target, ask why. Were the strategies appropriate for this target audience? Did you integrate the strategy, or did you just focus on one of the execution tools? Undertake regular actions that will keep the goals of the plan top of mind.
What are your tips for finding good business opportunities?
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