Amazingly there are business opportunities around us everyday. Our biggest struggle is being able to recognized them when they are presented to us. Also with recognizing an opportunity, is learning how to capitalize on it financial? It can be a balancing act, especially for the Small Business Owner. Listing below are Five Ways To Discover An Opportunity.
BIG COMPLAINT OPPORTUNITY
A great business opportunity is to listen to complaints from customers, from other people, from clients, from customer service postings, from people within your industry, or within your circle or community. Look to provide your services as a solution. Learn what others are not offering and start to offer what’s lacking. Fill in the holes of what’s lacking from the services that your competition does not provide. For example, the complaint is prices are to high for small or private businesses to have someone to come and clean a small office space. You are the owner of a small Cleaning Service, that can’t really compete with larger services due to lack of staff. However, recognize this hole in a larger company services. They don’t really work with small jobs or provide one day Business to Business cleaning service at an affordable prices. Maybe if you contact, other small businesses, small apartment complexes, small unit business or private companies, this could be a better fit for your business. If nothing else you could certainly out price larger companies, due to lower over head.
HELPING OTHERS OR VOLUNTEER OPPORTUNITY
I can’t count how many times volunteering and just helping other has brought me business opportunities. I volunteer just because I enjoy giving back. However, it seems that opportunities from me giving my time to others always finds its way back to me. I teach a class Facebook for Baby Boomers, at the local libraries or community centers. The Houston Chronicle Newspaper found out & did a feature article in the Senior Section. My business increased, because other senior groups offered for me to come and coach there groups. How can you use your hobby, skills and talents to give back to others?
TRACKING AN OPPORTUNITY
Tracking is really a simple and often under utilized way to gain business opportunities for yourself. By tracking Demographics or Social Trends of your industry you can place your business services right in the middle of the action, so to speak. Demographics are traits that can determine buying behavior or product preferences. Demographic tracking can include age, income, or geographical region. Determine which demographic area does your product or service include the most people, then market to them. Looking at the Social Trends as well, is also a good way to determine which direction your industry is going. Are they moving offline, or online? Are they using sources like Websites & Blogs,which are great social trends for most small business right now. Creating a Business Social Media site to track business opportunities can also be an inexpensive solution for small businesses.
CAPITALIZE ON NEW TECHNOLOGY OPPORTUNITY
Capitalizing on new technology is easy to recognize in the big picture. For example how computers replaced typewriters or how smart phones are replacing cell phone. Technology is always moving and growing in every industry. However, it is the business that recognizes the small needs and capitalizes on it that can really crave out an exclusive niche for themselves. Let’s go back to the Cleaning Service. If that same company integrates, Eco- Friendly Products for Offices, Homes, and safe for uses around kids. This business has now used new technology to increase business opportunities.
CAPITALIZE ON NEW LAWS OPPORTUNITY
Capitalizing on new laws can create needs for consultants, training, and products. So it’s important to stay alert to the opportunities these types of changes can bring. For a while companies like Amazon relished the opportunity of no sale taxes. It afforded them lower prices to consumers of products. The law is now changing, but what a sweet spot deal it has been for all these many years for Amazon. Can you find your sweet spot?