What is business opportunity according to layman? This question has actually worked so well for businesses out there, who are working their ways out to improve the customer count and their growth. Some of the existing businesses can also make decisions of buying independent business or a franchise based on the opportunities related to the same.
According to business leaders like Michael Giannulis, analyzing some of the newer opportunities for your business by understanding demographic better is always a classic point to consider. Make sure that you get to understand everything right from the distribution channel to direct competitors. You even get the chance to analyze foreign markets and some of the other potential industries out there. There are various opportunities that you might pursue quite immediately with good analysis from your side.
Defining the idea of business opportunity law as per Michael Giannulis:
It is true that not all states will have the same business opportunity law, which will be termed out in the same possible manner. However, most of them out their will be following major criteria for defining one.
- The seller or even the licensor of the business opportunity has the right to declare that it will remain secure or will assist the buyer to find a suitable location for providing product to purchaser licensee out there.
- It is better for the licensor seller for guaranteeing an income, which is equal or even greater to the price that the person pays for that service when it is resold. There also needs to be a market presence for the same.
- Business opportunity involving lease and sales of service, equipment or product will enable the purchaser-licensee service for starting a business.
- The initial paid out fee to the seller for starting one business opportunity can be ranging widely, anywhere from $400 to $1000.
- The licensor seller should also make the promise to purchase back any product as procured by licensee buyer in any event when the business can’t be sold to prospective business or customer.
- Any service or product as developed by the seller licensor needs to be purchased by the licensed buyer.
Mike Giannulis talks about consumer segmentation:
For understanding the market’s current demand, Mike Giannulis asks you to identify the consumer segments with same common characteristics. These characteristics can work out as hard variables like the residential place, age, gender, educational level, income level, occupation and even some soft variables like the values, attitude, lifestyle and even purchasing some motivations.
It is true that hard variables will help you to estimate the number of the potential customers that the current business might have. On the other hand, you have the soft variables, which can further help you to identify motivations, which will lead to purchase decisions. Some of those options are prestige, price, durability, design and convenience.
Going through these points will determine the importance that new market opportunities can provide you with. Just go through the valuable options now.