335 – The Opportunity Matrix – How to Spot Great Opportunities

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The only thing ever constant in this world is change, and the same is true for trade businesses. The
market just continues to evolve and it will keep evolving. So, you need to either go with the evolution
or get left behind and watch your business go down the drain.

Today, I felt inclined to do a podcast that would help trade business owners spot great opportunities
within their vertical. Most of the time, we find it hard to catch up with new trends that we tend to miss
out on opportunities. We need to capitalise on these emerging trends, but how?

Let me show you how through this simple framework I’ve put together. You can use this for your
business to ascertain whether or not potential opportunities are going to be a hit or a miss. Let’s get
into it!

What’s Discussed In This Episode:

0:00 Opportunity Analysis

1:54 Welcome to the podcast

2:27 Prelude to the topic

8:42 Question # 1: Is there a specific market avatar for your product?

9:11 Question # 2: Is there market awareness?

9:24 Question # 3: Is there market potential?

9:44 Question # 4: Does it support a trend?

10:07 Question # 5: Has this technology been around for 12 months?

10:54 Question # 6: Are there competitors?

11:28 Question # 7: Does it have supporting services? Or cross-sell opportunities?

13:16 Question # 8: Does it require certification and compliance?

13:40 Question # 9: Are there financial incentives?

14:13 Question # 10: Are there environmental advantages to this product?

16:09 Bonus Question: What’s the net profit of this specific product?


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    The Site Shed | Listen Notes


    The Site Shed is one of the best online communities and podcasts for tradies out there. The free content provided to members is unbelievable - offering invaluable advice to run a successful business, and the community of tradies is truly awesome. Do yourself a favour and check it out.

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    I have been listening to the pod casts for a few months now, I can't get enough of all the awesome content that you guys provide. Especially when you guys deliver it from a trade perspective which helps out a lot. Keep up the good work and hopefully one day I can afford one of the trade training trips.

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