Find new business opportunities

Spotting market opportunities helps your business grow and stay competitive. Opportunities can include things like:

• economic trends
• market shifts
• expanding customer groups
• changes in government or industry regulations
• changes in partnerships or relationships with suppliers, competitors, etc
• new or changing funding prospects (eg increase in grant funding)

One of the best ways of finding new business opportunities is by carrying out a SWOT analysis.

Use SWOT analysis to find opportunities

SWOT analysis is a simple strategic analysis tool that examines four key areas of your business:

• strengths - what you do well
• weaknesses - where you need to improve
• opportunities - external chances to grow
• threats - risks to watch

A SWOT analysis reveals new prospects you can act on. For example, if market trends create demand for new products, you could launch them, adjust prices or improve customer service.

Follow best practices in our SWOT analysis example.

Other ways to spot new business opportunities

Other than using SWOT analysis, try the following practical steps:

Segment your customers

Group customers by age, location, buying habits or lifestyle. Target each group with tailored marketing or offers to uncover new demand.

Analyse how your customers buy

Look at distribution channels, payment methods and other factors around purchasing to understand how your customers buy your products or services. Then improve these or offer alternatives to attract more customers.

Research competition

Study what your competitors offer, and examine their strengths and weaknesses. Establish your unique selling point to set yourself apart from your competitors. Identify what draws your customers in and promote this.

Explore new markets

Exporting to other countries may open up new opportunities. Research new markets or regions, check local competitors, customer habits and demand before entering.

Consider exploiting other types of business opportunities, too. For example:

• franchise your business
• buy an existing business
• find a distributor to increase your market share
• explore licensing, supply chain deals, etc.

Find other strategies to improve sales and profitability.