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How to Spot Good Business Opportunities

How to Spot Good Business Opportunities

THE PRODUCT MEETS A NEED

If there is something lacking in your business the obvious things to do is seek a solution. In this way you plug the gap, so to speak. At other times, opportunities are presented to you and you have to decide on whether it's a good fit for your business

It can be tricky, especially when there is some investment involved on your behalf. Ask yourself if the product or service will fulfill the needs of your customers or business. Will it add value that translates into reputation or profit. Have a criteria for deciding on new opportunities. 

THE OPPORTUNITY WORKS AT YOUR LOCATION 

Many companies are very location dependent, they service the needs of the local community and have established reputations. Before you invest in a new opportunity it makes sense to evaluate whether it will work well in your present location. 

Some market research is useful in this respect. However, that is not always possible, especially when confronted with a now or never investment opportunity. It pays to foresee these opportunities by keeping in touch with how your community feels. Accomplish this through regular market research. 

IT ADDS VALUE TO YOUR BUSINESS 

If you're in the education sector you should be interested in the latest editions of textbooks for students, similarly, you operate a dental surgery you need to keep the environment clean, modern, and sterile for customers. Whether directly or indirectly, products and services need to add value to your business. 

Even though the products supplied by Medifit might not deliver direct revenue, they will certainly improve the reputation of your local surgery which will translate into higher income and better customer retention. If the opportunity supports your business indirectly it is worth considering. 

YOU CAN SELL THE PRODUCT 

When you look at a new product it's important to assess the pricing. The product might be ideal for your brand but if the numbers don't work it could put you in a black hole. Consider the retail price and whether this product is worth taking on. 

Services are slightly different. Normally an opportunity will be offered in  the form of a service to your business or company. You need to decide what value that service adds, for your reputation or customers, before investing in it. Usually a service won't require an immediate decision. 

THE TIMING IS RIGHT FOR YOU

Finally, timing is one of the most important factors on the list since it relates to every business opportunity decision. Whether it is the timing of the market for launching a product, or the timing of the local community for relevance, the right timing can make all the difference to the success or failure of a product. 

You might have the perfect product or service, but if it's presented to a lukewarm audience it might fall flat. At the same time you might be missing out of a golden opportunity that your competitors are presently taking advantage of. Assess the market and your local community before pushing the boat out. 

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Dave Gardner

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