Having got your start-up business up and running, as an entrepreneur you’ll be looking for the next best opportunity to help innovate and continually grow your business.
With different types of business opportunities presenting themselves to you, it can be tempting to commit to all of them. However, it’s better to take a step back, narrow down your options and find the best opportunity for your business.
To help you with this decision and to take your business to the next level, we’ve provided an overview of how to identify opportunities in business before committing any resources.
Take time to listen to your clients and previous leads
To analyse potential business opportunities, it’s important that you take the time to listen to your current client base. Listen to their wants, needs, challenges, and frustrations with the industry and even the product or service you’re currently offering.
You should also contact previous leads, which may not have signed up or bought your product or service, to find out why they went with a competitor. This will give you huge amounts of valuable information as to the things your start-up is doing right and where you can improve. It will also set your mind into motion as to the various business opportunities that will help to meet the needs of your target market, and turn those previous non-converting leads into a conversion.
Analyse what your competitors are and are not doing
Recognising the best business opportunity can come about after performing a competitive analysis to see what your competitors are doing and more importantly are not doing.
Consider where their product or services are lacking, the areas they are exceeding in, what your business is doing and the reasons behind your customers choosing their services or product over yours. It’s important to approach this process with an open mind and not to cloud your analysis or judgment with your feelings towards your competition.
Follow industry trends and developments closely
Sign up to industry publications at home or abroad and set up Google email alerts for key industry terms and for any industry opportunities you might be considering.
You can also follow industry leaders and experts on social media to fully educate yourself on the latest technologies and trends, which could give you a head start on your local competition.
Narrowing down the best opportunities for your business
Having analysed and drawn up the various new business opportunities it’s now time for you to consider which one is going to be the best one to follow. This will be your hardest decision, as a bad business opportunity can hit you and your business hard, especially if your business is still a start-up.
Before deciding which is the best small business opportunity, consider and weigh up whether you and your business have the resources to make this new business opportunity a success.
Consider the market and pricing
You may have found a new business opportunity for your start-up but you need to consider whether or not you can provide the prospective service or product at a competitive price.
It’s one of the hardest things to consider when starting out with a new business opportunity. However, when you come across low-cost business opportunities in the UK, they are some of the most important discoveries for your start-up company, as they’ll attract customers, help your business to grow and increase its profits.
Timing is everything
When considering the various business opportunities timing is essential, not just in terms of timing for the market but also your personal timing and the timing for where your business is currently located.
Like the stars, all of these characteristics of a business opportunity have to line up in order for it to have a chance to succeed. If the timing of one of these isn’t right then you should hold off on committing to this new business opportunity.
This doesn’t mean you should discard the opportunity altogether, keep doing your research and watching the market so when the timings do line up you’re ready to jump on the opportunity straight away.
Speak with fellow entrepreneurs
Having considered all of the above points, before jumping into the new business opportunity take time to speak with other entrepreneurs who have been in a similar situation. They will be able to provide you with advice on possible obstacles you may or may not have considered, as well as give you their own tips based on hindsight and their own experiences.
This first-hand information is priceless.
At our coworking spaces in Manchester, London and Nottingham you can grow your start-up business surrounded by a friendly community made up of other businesses.
Accelerate Places also offers additional support for your business from Blenheim Chalcot, the UK’s leading business builder who can help you find and make the most of new business opportunities.
Contact us today to get more information on how we can help your business reach its full potential.