A business opportunity is the sale or lease of any product or service to a member of the public or a company in order to satisfy the needs or want of the client.
A business opportunity is an avenue to conduct business or render service at a fee with the view to satisfy the needs of a potential customer. Some view it as a chance to start something new when they realize they need to fill an economic gap that exists between a customer and his wants.
HOW TO DISCOVER BUSINESS OPPORTUNITIES
Business opportunities just don’t lay around waiting to be tapped. Sometimes it requires digging deep to find questions or problems and subsequently discover answers and solution to the challenges faced by potential customers. Discovering Business Opportunities requires the following:
- Look out for things people lack and the solution to solving it.
- Identify the needs people want to satisfy
- lookout for trends and what’s in vogue.
- Listen to your potential customers and past reviews.
- Observe the market statistics and the edge your competitors have over you.
- Look at industry trends and study it to know how best to approach it.
- Focus and develop your brand. Ensure that you are unique and can stand out.
- Make your pitch easy to understand.
- Learn how to catch the attention of your customers and also how best to spur their interest.
- Utilize market research and marketing tools.
STAGES OF BUSINESS OPPORTUNITY
For a business Opportunity to work out, there are various stages that it needs to pass through and they are:
- Idea development: This is the stage where the idea that will stand as the blueprint of the business gets drafted. without this, the business will not stand and the opportunity will be wasted.
- Pitching: Presenting your idea to your target audience/ potential customers in a bid to seize the opportunity is important. This will serve as a platform to introduce your goods or services to your customers.
- Executing the business deal: After creating the idea and also pitching it to your potential customers, the next stage is to take the opportunity and turn it into an actual business which can be patronized by customers.
- Creating future prospects for more patronage: selling or rendering your services to your customers is not the end of the business deal. Following up your clients and also reaching out to them will surely build a bridge that connects both of you which in turn open doors of future dealings. This requires good customer relations and customer service so as to keep them interested in your brand.
TYPES OF BUSINESS OPPORTUNITIES
Business opportunities exist on various platforms and in different fields. There are some which can be classified as consumer goods business opportunities while some are service-related. Consumer goods are products bought for consumption. They consist of things like Clothing, Food, etc. They also include raw materials that are not yet considered consumable goods because they have to be processed into usable goods before they can become usable products.
Service, on the other hand, requires rendering physical efforts in exchange for wages or pay. This includes:
- Online Retail business
- Home delivery services
- Professional consulting
- Home-based childcare
- Freelance Writing.
INDICATORS OF GOOD BUSINESS OPPORTUNITIES
Various things show that a business opportunity is good to explore. without these indicators, business opportunities can be quite risky to engage in. Let’s look at those things that identify a business opportunity as a good investment.
- The Product will meet the needs of your target clientele: A business opportunity being explored must be able to meet the needs of the target audience or it will fail before it starts. You must be able to identify for whom you will be in business and those who will patronize you else you will find it hard to get patronage and stay afloat.
- The market is ready for the product or service you have to offer: You need to also check if the market is ready for what you have to offer.
- The product or services is economically viable: The product must be able to stand the rigors of the market and survive competition too. if it is placed on the same scale with other products, it has to be able to meet up or even exceed the general market standard.
- Full proof business plan: Having a business plan is essential as this serves as a map and a path for you to tread in business. However, your business plan needs to be watertight and void of any loopholes that might come back to affect your productivity later.
COMPONENTS OF ANALYSING BUSINESS OPPORTUNITIES
- Market planning
- Territory Design
- Customer Segmentation
Opportunities come in different forms and you have to be able to identify and make use of it before it passes you by.