IDENTIFYING A GOOD OPPORTUNITY

Business growth opportunities are all around us. It's often the case that rather than too few
opportunities, business owners face too many. Sometimes, it can be challenging to know which
opportunity is the right one to pursue. What makes a good opportunity? How can you know
which is the best opportunity for your business? Let's take a look at the characteristics of an
opportunity.

A good opportunity is one which solves a customer pain point, is a new product, service or
market, builds on existing competencies, has the potential to be profitable, and fits the business
owner’s strengths. Let's explore each of those characteristics in more detail.

1. Solve a customer pain point. A customer pain point is a need or a demand for a
product or service that is not being addressed. This happens when there's no product or
service available, or when the current offering does not satisfy the customer's needs.

2. Offer a new product, service or market. Offering a new product or service into the
market you currently operate in can be a good way to grow your business. Alternatively,
you might decide to adapt your current product or service for a new market.

3. Build on your existing competencies. The business skills and knowledge, processes
and systems that your team possess are what make you unique. They provide you with
the potential to maximize new opportunities. You can apply these competencies to
develop a new growth opportunity. Play to your strengths. But don't be afraid to move
outside of your comfort zone.

4. Make sure it will be profitable. Any new business opportunity needs to be profitable. If
you're unsure, do your research and get advice. You could also start with a trial of your
opportunity for a short time to check if it could be profitable.

5. Find something that fits your strengths. Just like the portfolio of your existing
business, the new opportunity also needs to fit you personally, either because it fits your
passion or suits the skills and knowledge you have.

Keep these five characteristics in mind as you start to identify new opportunities for your
business.