Where to Look for Opportunities As a Business Owner

look for opportunities- two business people looking and information.
 

As a small business owner looking for opportunities is critical to your business. It is important to take data (negative and positive) and look for opportunities. So, if you are a solopreneur and doing it all yourself, you’ll find possibilities in some of the most challenging places. 

Look for Opportunities in Your Family and Friend’s Criticism

It’s easy to be defensive when people challenge your ideas or how you run your business. However, listening, being open to feedback, and answering questions can uncover gaps and opportunities. Remember, people in your life want what’s best for you. Ultimately, it is your decision, and listening to feedback does not take that away.

Find Opportunities in Research and Trends

Research is your friend and can even save your business. It’s easy to enjoy the positive feedback, but be bold and look at regulations, economic downturns, or new technology that may be a threat. This knowledge can inform your business decisions and provide insight into potential opportunities. Additionally, you can use research to develop strategies and tactics to help your business stay ahead of the competition.

Evaluate Your Customer Complaints (Including Those From Your Biggest Complainer)

Finding opportunities from complaints can be a great way to identify areas to improve or expand your business. By listening to your customers and taking their feedback into account, you can gain valuable insights into potential areas of improvement. 

Pay attention to your biggest complainer because they can be the person to care the most and help you improve. Additionally, responding to customer complaints can help build relationships and trust with your customers, increasing loyalty and revenue.

Look for Opportunities in Your Weaknesses and Outside Threats

When analyzing your business and the industry, the strengths and opportunities are the easy grabs (and there’s nothing wrong with that). However, remember to think outside the box to find new opportunities in your weakness and outside threats. For example:

  • A disadvantage may reveal an opportunity to increase sales through referral or a strategic partnership
  • New regulations can lead to offering additional services to an existing or new market
  • A new technology that eliminates a need may open the doors to a new venture

Network or Consult With a Professional

Networking and consulting a professional can help you spot business opportunities by exposing you to new ideas, resources, and potential leads. Networking provides an opportunity to build relationships with potential customers, partners, and suppliers, and it can help you stay informed on market trends and changes. 

Also, consulting a professional can help you gain valuable insights into potential areas of improvement or uncover possible services or products that could help meet customer needs. Additionally, by taking the time to talk to industry experts, you can stay up-to-date on developments in the market and uncover powerful opportunities that can fuel your success.

Summary

You can find business opportunities even in areas like:

  • Criticism
  • Research and trends
  • The customer who complains the most
  • Your weaknesses and outside threats
  • Consulting with a professional or colleagues

At Jowanna Daley, located in McDonough, GA, we are experts at spotting opportunities. Call us today for a free discovery call.