7 Steps to Creating New Business Opportunities

By DonShook

Step 1: Focus on Your Core Product.

New Business Opportunities: A successful e-newsletter entrepreneur has built their business upon this mantra: Prospects will buy when they believe your value is relevant to them and your company is secure. He can continuously review the value and services he offers his customers due to this strong position. This statement should be the cornerstone of any solid plan; keep it in mind as you complete each remaining step.

Small service businesses often feel the pressure to compete with larger firms. Unfortunately, small-business owners cannot operate at the same level. To stand out, small businesses must highlight their unique capabilities and core products for potential customers. Entrepreneurs are best served when they can specialize.

Step 2: Keep Your Pitch Simple

Did you ever receive a concise and succinct response when asking someone about their company at a party? Or did your eyes glaze over as they finished explaining? Chances are it was the latter. Try picturing the same pitch being presented without the distraction of alcohol – it won’t make for an attractive image.

Every company needs an elevator pitch. This brief message communicates your key takeaways to prospects in 30 seconds or less, explaining the advantages of your product or service so they understand why it matters to them.

This simple exercise can help you test the clarity of your pitch. Have someone unfamiliar with your company listen intently as you describe your business and watch for signs of fatigue such as eyes watering or heavy lids. Even if you think you have the perfect pitch, if not it will be evident by how verbally and/or physically you respond.

Step 3: Be true to yourself

Understanding who you are, what drives you crazy and what bores you to death will help you reach your goals. A growth plan can be derailed due to discomfort or procrastination; it’s human nature to put off things that cause discomfort. Every business owner hates the daily tasks associated with running a business; you might be procrastinating on certain tasks when it’s time for delegation.

Stay true to yourself and your strengths. Hone your skills and knowledge according to what interests you most. Consider hiring a bookkeeper if accounting isn’t your forte, or hiring temp workers for help setting up a new filing system if things are out of hand. Focus on what matters most in life – your “A” priorities – then delegate everything else away.

Step 4: Map It Out.

It is an effective way to determine your service strategy by assessing your capabilities against those of your target clients. You may find that while you possess expertise in certain areas, there are customers who do not require it; thus, targeting non-specialized customers is a wise move.

Entrepreneurs often share a trait: the desire to be all things to all businesses. Small businesses typically thrive because they offer a limited selection of services. A small business’ value lies in its capacity for providing high-quality, unique solutions.

Create a list of decision-making criteria your clients use when selecting a provider in your industry. Then rank yourself and be honest about where you would fall within each category. After this thorough assessment, ensure your elevator pitch remains on target.

Step 5: Determine which marketing tools work best for you.

You should select a marketing strategy that works for both you and your customers. If speaking in public makes you nervous, don’t join a panel with the hope of generating new business; otherwise, failing to perform well could quickly backfire on all your efforts.

Consider the two most successful marketing tools you have used in the past for your company, such as cold calling and a website. From there, add new ideas while considering costs and financial impacts of each option. Choose which offers you the highest return on investment; each should produce some form of revenue-producing outcome.

Step 6: Construct a Plan.

We’ve been in planning mode up until now, but now it’s time to get down on the ground floor and start implementing your ideas. Create an action plan that you can use as motivation along the way so you stay on track. Your map will serve as motivation and keep you accountable throughout your journey.

Set goals that you can review every three to six months. At each stage of the three-month cycle, assess whether or not your plan is on track for meeting those targets. Ask why some tools didn’t fit with your target customer; do you have a strategy in place or did you focus solely on one tool?

Don’t overlook the specific actions you must take each day to reach your objectives. A daily strategy will help keep the vision for your plan top of mind.

Step 7: Implement Your Plan

The final step is straightforward: complete all daily actions and then add something to your success plan. Either let it go or find another way to stay focused on reaching your target. Don’t let unplanned tasks eat up valuable time that could otherwise be put towards reaching it; enjoy the journey!

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