How to identify a business opportunity

To be successful as a business owner, it is vital that you are always on in your search for innovation, improvement and looking for opportunities for growth. The question we get asked often is “how do I find new opportunities to take my business to new markets and see levels of growth that will make me more money?” Whilst not always, a quick and easy solution, here are four ways, that we have found to be successful, in identifying more business and brand growth opportunities.

1. Listen to your customers

When you’re talking to your customers, take a moment and listen to what they saying about your industry, products and services. What points keep coming up? What are their frustrations, compliments, complaints. What are they asking for? What is the one thing they need? Listening, without answering, can give you key insight into valuable customer information, that you can use identify key business opportunities to expand and develop your current products and services.

2. Engage to your potential clients and leads

Do exactly the same as point one above with potential clients . Ask them what they would like to see, what their challenges are? They will tell you what they want, and you can potential supply them with the solution. Listening to, and talking with, these potential clients will help you to find opportunities to develop more tailored products and services, clarify and target your target market and identify and overcome common issues they are facing in your industry.

3. Look at your competitors

Do a competitor analysis to see what other businesses and brand are doing and offering. Even more critical in this analysis, is what are they, and you not doing? What are the pitfalls? What are they doing better than you? Why are the potential customers going to their business vs. yours? If you do this, you will help identify key business opportunities to expand your market reach and develop your products and service offerings.

4. Global trends and insights

Take the time to immerse yourself in relevant industry journals, visit and even join relevant associations, set Google alerts and RSS feeds for key industry terms and news and follow other industry experts on social media. If you can immerse yourself in your industry and continually educate yourself on the latest techniques and trends, you may start to see the opportunities for growth and expansion.

Crafted by Chris Midgley

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