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How To Discover Business Opportunities

The Clifton Review  


The Clifton Review is a tri-weekly column that examines the question of the Clifton project along with the evolution of the war between two billionaires. We covered the start of this war with articles describing the battle over easement rights, the mysterious burning of a home, the blocks to rebuilding, and countless questionable court filings.

While the 2018 series salutes fashion mogul Peter Nygård’s Golden Jubilee detailing his rags to riches story, his incredible business success over these past fifty years and an inside look at how he did it, The Clifton Review will also continue to address current affairs as they relate to the good of The Bahamas.  


How To Discover Business Opportunities

By P.J. Malone 

If you think back to the Mom and Pop shops back in the day, some of them made it big and some of them remained true Mom and Pop shops. Maybe that’s the way they wanted it.

However, if you have opened up a business and you want to take it to the next level, a very resourceful way to go about it is to look at the opportunities that may exist in the business environment around you. Chances are that’s what the Mom and Pop stores who made it big did.

The advantage that businesses have today, that Mom and Pop didn’t back then, is the abundance of resources to help you grow your business.

In an article about how to identify opportunities in a SWOT Analysis, writer for a business-plan website, Lisa Furgison,presented a list of very good questions that can be of assistance when you want to brainstorm possible opportunities for your business.

The questions are presented by categories, which is also helpful.Not all questions will necessarily apply to your business but there are lots that are useful. They are as follows:

Economic trends:

Is the economy in your area looking up?
Will the economy enable your audience to make more purchases?
Are economic shifts happening that impact your target audience?

Market trends:

How is your market changing?
What new trends could your company take advantage of?
What kind of timeframe surrounds these new trends? Could it be a long-term opportunity?

Political support:

Do you anticipate a shift in political support this year?
What opportunities could be created with new political partnerships?

Government regulations

Are any regulations shifting that could lead to a positive change?

Changing relationships:

Are there positive changes happening within any of your outside business relationships?
Are vendors changing or expanding?
Has your partner decided to move on, creating an opportunity to work with someone new?

Target audience shift:

How is your demographic shifting?
What opportunities can you think of that can move with these changing demographics?
Is your audience expanding? If so, how can you capitalize on this increase?

(This list of questions is published by Palo Alto Software in the articles section of their business plans website——as a part of a SWOT Analysis challenge.)

When fashion mogul Peter Nygard assessed the threats to his business back in the 90s, he didn’t just see the threat to his position as the ‘King of Polyester’. Since there were customers who still wanted his polyester product, he saw it as anopportunity to expand the nature of his business from manufacturer to both manufacturer and retailer.

While not a traditional way to do business, Nygard made it into one that could work for him. Believing that nothing is impossible, he simply found a way to make it happen.

We’ll continue our focus on the SWOT Analysis and look at Nygard examples in ways that can help you succeed with your business dreams.

Written by Jones Bahamas

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