Capitalizing on An Opportunity

In business, one should always have the eye for opportunity. For instance, there’s this popular shoe store down at our place. Ever since I was a kid I always went there to buy shoes. But in the recent years the store couldn’t keep up with the newer and more modern looking stores that kept on popping up around the city. A popular brand of shoes saw this opportunity and rented their space instead. The location already had customers. In fact, at first many people thought that they were going to the same store and the store was still owned by the same person. Now the new store still has the customers of the previous store and they are taking advantage of what the previous store have started and built all through the years.

I also know a photographer who covered special occasions like weddings and birthdays. In almost every contract he got, his clients asked him if he also did video. So what he did was he partnered with several people who did video and subcontracted their services whenever he needed to. He understood that there was a demand for his business to have video services offered so he made it available to his clients. He also did it to retain some customers because there were instances that his potential clients wanted to have the same people do both photography and video.

A friend of mine lived in an area where apartments and boarding houses were abounded. He noticed that that there were many people knocking at their door asking if he knew other apartments that were available in the area. And all the places where he usually pointed them to were already occupied. This led him to the idea of renovating their one-story home into a two-story house. And then he rented out the second floor.

These are but simple examples. But the point is if you want to start your own business and succeed in it, you should be able to know when an opportunity is presented to you. You should learn how to recognize it and take advantage of it.