ASSIGNMENT 5

IDENTIFY THE BUSINESS OPPORTUNITY SUITABLE FOR YOU

What Makes a Good Business Opportunity?

Finding good business opportunities isn't going to mean anything if you can't recognize it.
Recognizing good opportunities takes talent, whether you are looking for something to sink
your teeth into or you already had success once and want to find it again. You really have to
know what to look for, what to ask yourself, and be able to envision the future.
There are also many different types of business opportunities including distributor deals, supply
deals, franchise ownership, website acquisitions, and more, which you can learn about here.
Understanding which type of opportunity you're looking for and having a few goals in mind is
crucial and will help determine which factors make it good opportunity.
However, there are a few general things that should always be present with a good opportunity
(no matter what type):
1. The product or service will meet a need.
This can be a tough characteristic to find when looking for new opportunities, but it's probably
one of the most important. Whenever you evaluate an opportunity, ask yourself if there is really
a need for the product or service. Does the product or service solve a problem for consumers?
You may want to consider using Google Consumer Surveys or a similar survey service to talk
directly to the target audience. After all, the best way to see if people are going to be interested
in your business is to talk ask them.
If the need is already being met, you need to determine if the company you are looking at can
do a better job.
2. The opportunity will work in your location.
If the opportunity meets a need that's great, but it isn't going to mean much if that need isn't
specific to your location or the company won't work in your location. There has to be a demand,
and unfortunately that is very location-dependent.
You also have to think of the economic environment. There might be a need in your
geographical location, but are people in that location going to take the time and money needed
to get started with your company? More on this in points below.
3. You have the resources you need to help the business succeed.
While it's true that you can start to compile resources once you have acquired or started a
business, you should still be considering this at the start. This is more of a personal requirement
for an opportunity as opposed to finding one in general. Do you have what it takes to run that
type of business right now? Are you going to be able to afford the resources needed to help the
business succeed?
I talked with Scott Langdon, Managing Partner of SEOAgency.com, who has started three
successful businesses, and he said, "You have to be honest with yourself, and unfortunately

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this is where many entrepreneurs make their mistakes the first time around. You will want to
do everything yourself, but in the end you need to trust others so that you can focus on the
bigger picture of setting the strategy."
4. You can provide the product or service at the right price according to the market.
We've been dancing around this point, but here it is: You have to consider the market and
consider price. Ask yourself whether or not you can provide the product or service at a price
the market can handle. Will your price attract customers while still earning you a profit? It's a
tough question to answer, but one of the most crucial.
5. The timing is right in terms of the market and your resources.
Timing is everything when evaluating business opportunities. This encompasses all of the
points on this list--your timing personally, timing in the market, and timing for your current
location. Everything has to line up in order for the opportunity to really work. You need to find
that window before making a commitment. If the timing isn't right, you are better off passing
or revisiting that opportunity later. Keep watching the market and doing your research so you're
ready to jump when the timing lines up.
It's also worth noting that even in a down economy there could be a window of opportunity.
It's all about considering the above points to decide if the timing is right for your idea.
Your next steps: If you find an opportunity that seems to posses all of these qualities, it's helpful
to talk with someone who has owned a similar company before if possible. If you're thinking
about buying an existing company, ask for access to their data regarding revenue and business
so you have all of the information you need to make the right decision.
Do you have any tips for finding good business opportunities? Let us know what has worked
for you in the comment section below.

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Steps to Starting a Home-Based Photography Business
If you're ready to start getting paid to take pictures, here are the steps to get started.
Decide what types of photography services you’ll offer.
Businesses and individuals need photographers for many reasons. Businesses need pictures of
their products for brochures. Realtors need images of the homes they’re selling. Magazines
need photos related to the articles they’re publishing. Or you can stick with non-business
photography and take portraits or photograph weddings.
2. Develop your business plan. The business plan outlines the details of your business,
including the services you offer, how you’ll differ from the competition, financial
projections, and marketing strategies. This is a good time to determine your pricing structure.
For example, if you want to make $50,000 per year and believe you can book 26 weddings a
year, you’d need to charge nearly $2,000 per wedding. Your pricing needs to take into account
the cost of equipment, supplies, and travel, as well as your time.
3. Decide your business structure. The easiest and lowest cost option is sole proprietor;
however, creating a limited liability company (LLC) will offer greater protection of your
personal assets should you run into legal problems.
4. Create a business name. What you name your business will become the brand image, so
choose a name that fits the type of photography you want to do. If you want to take kid portraits
you can have a whimsical name, but if you want to do business photography or weddings,
you’ll want something that sounds professional or elegant. If you don’t use your given name
in your business name, you’ll likely need to file a name statement with your county clerk’s
office. You also need to check with the U. S. Patent and Trademark office to ensure the name
isn’t protected by trademark.
5. Officially establish your business. Once you have a business name and set up your business
structure, you need obtain business license or permits as required by your city or county.
Although you may take photos using a digital camera, since you’ll be giving people prints, you
may need to collect sales tax if you live in a state that charges sales tax. Your state’s
comptroller or tax office will have the necessary forms and information on how to collect and
pay sales tax. Once you have your business license, you can open a business bank account.
6. Gather needed equipment and supplies. If photography is your hobby, you may already
have much of the equipment you need; however, you’ll have to assess if the quality is high
enough to charge for services. Along with a camera, you’ll also need lenses, flashes, batteries,
photo editing software, quality photo paper and packaging used to deliver the photos to clients.
You may also need lights and screens to control lighting.
7. Create marketing materials. Along with business cards and brochures, build a website.
Get permission from your subjects before posting their photos online. Also, set up social media
accounts on networks your target market can be found. For example, if you’re doing wedding
photos, you should have a Parget market.
8. Market, market, market. The key to success in a photography business is marketing. You
can’t take and get paid for photos if no one hires you. Along with business cards, brochures
and a website, use your personal and professional networks to spread the word about your
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business. Attend trade shows and events geared toward your market. For example, if you want
to do wedding photography, attend wedding shows. If you want to take pet portraits, attend dog
shows.
Bonus Income Option: Sell Your Photos Online
Along with getting paid to take professional photos, you can also sell the photos you take
yourself (not those you're paid to take). Many stock photo sites will buy or allow you to sell
your photos.

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