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 5 - The Advantages Of a Business Opportunity.
- It will usually require a lower initial fee than a franchise.
- Has a proven system of operation or proven product. Existing systems serve to maximize efficiency and returns and minimize problems.
- In any new business, a lot of time and money are consumed during the learning period whereas a good business opportunity venture can eliminate most of this.
- The company offering the business opportunity can often arrange better financing than an individual or smaller business could obtain.
- Most business opportunity ventures supply the buyer with print advertising slicks, radio ads, TV storyboards, etc., in order to provide a better marketing effort.
- Most business opportunity ventures offer support not only through training but also through counseling from a staff of experts who offer assistance that no independent could afford.
- Experts in site selection and marketing choose locations using all the scientific tools available and professional negotiators arrange leases and contracts to your businesses best advantage.
- The parent company's tremendous buying power and special buying techniques can bring products, equipment and outside services to you and your business at a much lower cost than you could ever get.
- In a business opportunity, unlike in a franchise, there are no ongoing royalties to pay to the seller. The profits are all yours.
- As a small business, you simply cannot do everything well. A decent business opportunity brings in skills that you will not have.
The Advantages Of a Business Opportunity
Spotting Opportunities Rising From Your Present business
You will find new opportunities by considering your current business.
Checking your strengths and shortcomings should assist you in unearthing areas of your business where you might be more efficient and identify opportunities or cost savings. Utilizing these results can improve your organizations profits.
Identify any employee, tangible or other operational assets that you underuse. These might be:
- Buildings, location, machinery or fixtures and fittings,
- Goods and services,
- Licenses, logos, patents, copyrights and other intellectual property,
- Talent, know-how and expertise,
- Market position and
Analyze the strengths and weaknesses of your organization, and try to determine the outcomes of certain scenarios your business might try. Consider:
- Where your operation is strong / falls short,
- Where your operation is innovative / non-productive,
- Merchandise that is under-performing,
- Commendations / objections made by possible buyers or others and
- Shortcomings in your enterprise where your competitors are superior.
If it is tough to stay impartial, consider utilizing external consultants to assist you in reviewing your strengths and weaknesses.
Sketch out strategies to improve your strengths, reduce weaknesses, or turn weaknesses into strengths. A complete audit can help you address the decisive questions:
- Which strengths could you use to help your business grow?
- Can weaknesses be rectified or converted into strengths in your business?
- Are there opportunities that could be found after studying your strengths and weaknesses?
Ideas To Action - next
A Great Business did not just happen - It was planned that way.