How to Find a Good Business Opportunity

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Networking is important to find a good business opportunity.
Networking is important to find a good business opportunity. (Image: David De Lossy/Photodisc/Getty Images)

Finding a good business opportunity often requires extensive networking and contacts. Many entrepreneurs are competing against you to find good business opportunities that are profitable and affordable, and that means you must out-hustle the competition to find good deals. A good business opportunity could include a small business for sale or an idea held by a small business owner needing investors. Entrepreneurs who want to find good business opportunities place themselves in positions to hear about available deals and investment opportunities. Success means constantly networking and letting the right people know you are looking for a good business opportunity.

Join the local chamber of commerce and other business-oriented organizations such as the Rotary Club. The clubs usually attract local business owners and executives who are plugged into the best business opportunities around town. Get involved with the organizations by attending networking receptions and serving on committees. Find out about business opportunities by casually letting your new friends know you're looking to invest.

Get to know local business brokers. Brokers help people buy and sell businesses and are always hearing about deals. Network regularly with brokers while telling them you are looking for a good business opportunity. Offer some specifics, such as telling the broker you're looking to invest up to $50,000 for the purchase of a retail business, or that you can invest up to $10,000 as a silent partner in a restaurant. Meet business brokers at various local business networking functions, such as a cocktail hour sponsored by the local chamber.

Meet with a consultant from the Small Business Development Center Network. More than 1,000 of the centers exist across the country, and they are sponsored by the U.S. Small Business Administration. The centers are staffed by local business executives who have operated businesses of their own and are well-known in the local business community. Consultations are free with consultants at the centers. Take advantage of that by scheduling a meeting to introduce yourself and describe your interest in finding good business opportunities. Tell the consultant about your background and what kinds of opportunities you are looking for. Encourage the consultant to contact you about deals and opportunities that fit.

Introduce yourself to business owners launching their start-up companies. Use contacts established through brokers or service clubs to gain invitations to business open houses or launch parties. Mingle with folks to let them know you're looking to invest in a business opportunity or idea. Be sure to provide your contact information.

Sort through business opportunities as you begin to hear about them. In the spirit of networking tell others about deals that you aren't interested in. Eventually, find the right business opportunity for you.

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