How To Identify Business Opportunities

Chances are you’ve been focusing on your prime business opportunities for a while.  Or at least what you think are your primary opportunities.  The trouble is business owners generally get locked focusing on what they see as their primary markets and seldom look at other opportunities.  Sometimes that means looking at ancillary markets that could possibly bring you new opportunities.

One way to broaden your perspective is by looking at sub-markets in your arena that are poorly served. Perhaps these avenues could represent a new market. Consider looking at your client’s clients.  Are there services or products that they might need that you could supply?

Is there something in your field that’s missing?  Maybe it’s something that others think could never be addressed.  Well, what if with some creative thinking there is a way to address it and help solve a problem that others haven’t thought of.

Look at your industry as a consumer.  What would you change?  How would you do business differently?

One of the most interesting approaches is to let new business opportunities find you.  You’ll never know all the opportunities that are out there, that’s just not possible.  But what if you get your story and information in front of prospects, potential clients, opportunities that you don’t even know are out there?

This is one of the most amazing benefits that traditional public relations can bring to your business. Whether you choose to hire a public relations firm, a PR consultant, or launch a media relations campaign on your own, by garnering media coverage in newspapers, radio and/or TV, your story and your business can be showcased to prospects, investors and possible business opportunities that are perfect for you.  Most of these you’d never know existed.

Via the press you’re presented as an expert, one of the tops in your field. The real plus to this is when a prospect calls it’s a completely different conversation than if you instigated the conversation through a cold call.  When they call you, it’s a completely different conversation.  As a business owner you couldn’t ask for much more.

So, start looking for new business opportunities, shift your prospective, look at your field and your business as a problem solver.  What problems are out there and how can you make money by solving them?

Perhaps most important, position your business so your opportunities can find you.  Even if you’ve never tried PR, try putting your toe in the water, give it a try.  When your phone starts ringing, you’ll know you’ve made a strong business decision.

Copyright © Anthony Mora 2010

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Categories: business, PR Campaign, traditional media

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1 reply

  1. Great article. I am writing a book about successful businesses I coach. One of the chapters is on “Teaching Old Dogs New Tricks”. One of the things mature businesses may lack is the ability to think entrepreneurially (i.e., identify new business opportunities). However, some companies are great at this and have this built into DNA.

    For example, one of of our companies just started a new division — VirtualEStaff, a US Based Company with offshore operations in the Philippines offering virtual assistants / virtual employees.

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