2018-01-31 00:00:00Business IdeasEnglishCreate lucrative business opportunities by learning more about your customers, yourself, and your competition. Learn how to distinguish...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/02/Employees-Proud-New-Business-Opportunities.jpgHow to Identify New Business Opportunities

How to Identify New Business Opportunities

1 min read

Separate good business opportunities from not-so-great ventures to improve your chances of success in the future. Flourishing, profitable companies rarely spawn overnight, so take time to analyze, research, and thoroughly understand your new ideas before you implement them.

Worthwhile opportunities require viable, accessible markets. Research consumer trends, conduct surveys, and discuss ideas with members of your community to gauge the level of interest in a particular product or service. This information helps you define your potential customer so it’s easier to determine the size and location of your target audience.

When there’s an obvious demand for an item, there’s a good chance someone already supplies it. Seek out companies that offer similar products or services to identify your competition. Analyze their offerings and their performance, and think about ways to set your idea apart from other available options. For example, your community may not need another dog salon, but local pet owners may appreciate a mobile groomer who makes house visits.

Business opportunities are only as good as the resources, expertise, and motivation behind them. Before you pursue a new idea, honestly evaluate your personal level of interest and commitment. Is it something you are passionate about? Do you have the industry knowledge you need to succeed? Are the necessary resources within your reach? Complete a SWOT analysis to identify the good and bad points of your proposal. Brainstorm potential problems and obstacles, and decide if you have the means and know-how to overcome them. When you invest time and thought into your business ideas, it’s much easier to find good, profitable opportunities.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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