When you own or operate a business that sells a product or offers a service, it’s very important to identify your various areas of growth. What this means basically is that you want to see where you aren’t offering your services or selling your products that could be a profit area for you and ultimately get there. This may include branding yourself, putting some money into marketing, or even opening more locations but in the long run, you want to identify areas of growth in order to turn a profit.
How do you go about identifying these areas? One way you can do this is to look at your target consumer and see how other businesses (as similar to yours as possible) are doing in the area in question. While it may be safe to say that if there are 30 businesses similar to yours within 30 miles of the area in question that it could be a good venture to pursue, you also have to look at how much those businesses are earning. If they are barely making enough to cover the costs of their overhead then it may be wise to move on to a different area. If it’s a huge area and all 30 businesses are making tons of money and constantly growing then it may be safe to pursue. Look at things as if you were a sociologist that puts his focus on groups versus a psychologist or psychiatrist that focuses on individual behavior.
Identifying your areas of potential growth is easier when you do this and look at things in combinations. If you combine this with a qualified team to support your efforts, you should find your company expanding, making more money, and opening the doors to new opportunities in a very, very short period of time.