The main reason that some people take opportunities when they arise, and others do not, is that some people are ready.
They have their business plan ready and all they need to do is take advantage of the opportunities.
Where can you find the right business plan?
If your business is based in the United States - click here
If your business is based in the U.K. - click here
Ideas To Action
Part 1 - The Opportunity.
A review of recent polls indicates that 50% of us want to start our own enterprise. Many of us dream of creating our own small business and regularly seek small business opportunities that would be relevant. Two recent studies show that we have seen an expansion of 12% in the number of new businesses that opened last month.
It is compelling to examine the reasons why so many people are opening their own company. Most businesses are started using one of three distinctive methods:
- The new owner saves up a little money then takes another loan on their house, quits their job, and starts a business.
- They obtain a franchise with specific goods along with coaching, support and normally some marketing.
- Buys an existing business.
All of these ways have benefits and weaknesses and the choices around the preferred plan depends upon the needs, targets, and intentions, of the new business owner.
There are three major elements that have led to a dramatic rise in the amount of people opening up their own new business:
- Modest interest rates play an essential part by allowing companies to get funding at favorable rates.
- The unemployment rate as, when positions are plentiful, many consider switching positions instead of starting their own small business. As soon as jobs are difficult to come by, opening a company becomes an acceptable alternative.
- The other consideration is the prevailing economy. When markets change, it produces cracks that might be readily exploited and if financing is cheap, then it becomes a reasonable decision for people to consider opening their own new venture to take advantage of the circumstances. Everybody realizes that it is a better idea to invest in your own new venture, rather than accept a modest return on your savings.
Whenever the market is moving, views about launching a company benefit from a surge of interest. Currently, the market is developing quickly, so the number of people thinking about opening a small business is booming.
How should you ascertain if you could be well placed to profit from the opportunities in the current marketplace?
You should begin by determining if there is sufficient demand for the goods that you may be supplying and if you could create enough revenues from your buyers to obtain a profit for your investment. Niches in the sector promise considerable rewards but generally demand a fair amount of financing, without the certainty that buyers will think that your goods are worth purchasing. Appreciating the requirements of your prospective customers, as well as in the market as a whole, is important to the progress of your business. Timing is an essential component of your decision, as there is no point in selling merchandise to a gap in the market that is no longer there. Your chance should be seized when it occurs, as trying to sell your items when nobody cares will be very costly.
Timing your entry into the market is as critical as providing the appropriate goods for your likely customers. Competent entrepreneurs respond quickly to gaps in the market, and then grow their company from a healthy position; which means regularly examining potential clientele, competitors, and recent technical innovations.
The relevance of each of these will alter in importance over time, so it will be important that company owners are prepared to react to these changes as they crop up if they want a successful business.
The Business Opportunity.
Even if you are creative, passionate, charming and have amazing ideas for your business, you can still be unprepared for many of the opportunities that come your way.
If any of your distinct skills and ideas are going unused, it may be because you need to prepare a few more essential elements to ensure you get the right business from the opportunities you find.
Here are 10 things you can do to be ready for any opportunity:
- Be clear about the opportunity you are looking for. You should not be seeking any opportunity; you need to find the right opportunity for you and your business.
- Maintain a social media presence worth noticing. Try free software such as Buffer or Hootsuite to automate a few messages each week and you will find that more opportunities will find you.
- Develop a brand pitch; be specific, charming and passionate. Opportunities have a habit of presenting themselves to people who seem motivated and prepared.
- Create a simple portfolio website or business blog. Business people, marketers and consultants need sites to showcase their potential and being ready means taking control of your online presence.
- Get a professional email account. Establish an email account that looks professional and be very wary of choosing jokey names that you and your business may be stuck with.
- Gather past client reviews and praise and use these on your businesses website, cv, press kit and any marketing materials.
- Develop a 20 second statement about the type of business you want; and keep repeating it. Do not drift off-message.
- Create decent business cards and a logo. People remember business cards and logos a lot longer than they will remember your name and you will be remembered when opportunities arise.
- Get a way to get paid. A free PayPal account will allow you to invoice and receive payments online. Be prepared before your customers are.
- Craft your business plan. Where is your business going? What new products and services do you provide? If you do not know the answers then do not open your business.
Do not take the first opportunity that comes along; opportunities will always be there and if you are already committed to the wrong one, you may never be able to commit to the right one.
Ideas To Action - next
A Great Business did not just happen - It was planned that way.