“Like finding a pot of gold”: Identifying great ground floor opportunities for your business

By David Leahy, Director, Great People Inside Australia

Did you know that if you had invested $20,000 into Apple shares when the company went public in 1980, you’d be over $200,000 richer today?

Getting in on the “ground floor” of an opportunity is like finding a pot of gold. For business owners and investors, pursuing an opportunity early before others flock to it is a sure fire way to reap significant rewards.

So, how do you make sure the opportunity isn’t too good to be true? Getting in on the ground floor is a phrase that understandably evokes suspicion. Many worry that the supposed potential of the opportunity may never materialise and aren’t comfortable taking that risk. But what about the risks of not taking action? When a ground floor opportunity pays off it means a much healthier bottom line, freedom from financial stress, and more time and flexibility. Who wants to miss out on that?

Most HR business owners I talk to are already seeking opportunities to access additional revenue streams through software, systems, audits, reports, skills tests, assessments, profiles or surveys. Getting in on the ground floor of an opportunity is an excellent way to access additional revenue for only a small financial investment.

Here’s how you can identify great ground floor opportunities for your business.

Do your due diligence

Conduct research into all aspects of the opportunity. Is it a viable product? Is there a demand for the product? Will that demand increase or reduce over time? Is the company credible? How long has the company been in business? Is the company financially secure? Is the company set up well to scale? Are customer or partner reviews and testimonials positive? Ask as many questions from as many relevant people as possible. Your goal is to learn as much as you can.

Be an early adopter in a new market

If the opportunity has been successful in other markets, for example overseas, it will give you a good indication of what you can expect. In a way, you can have your cake and eat it too – you’re still getting in on the ground floor of the opportunity, but it has been proven to be successful elsewhere. That reduces the risk significantly.

Assess the financials

Look at the financial investment and potential financial returns. Be systematic about your forecast and scrutinise all costs, including your time. You need to ensure you’re getting a return on your investment. Make sure to examine the opportunity cost as well. If you don’t invest in the opportunity what will you potentially miss out on? What are the costs of continuing to do what you’ve always done? Sometimes a missed opportunity is a far greater financial risk than an opportunity which doesn’t pan out.

Are you looking for a great ground floor opportunity?

Recently launched in Australia, Great People Inside is seeking a limited number of Australian Channel Partners. Great People Inside (GPI) Australia provides state-of-the-art and fully customisable assessment and development solutions to help select, match, onboard, manage, develop, engage and retain top talent.

The next generation GPI platform measures whether potential and current employees have the necessary traits to fit with the company culture or whether they are performing to their potential. Clients can be trained to use the platform independently so they can select, manage and develop their people, look after their employee’s wellbeing, and ensure alignment of organisation values.

What’s unique about GPI is that the assessments are fully customisable, in fact it’s the world’s first fully customisable validated assessment platform. Using a list of 61 fully validated psychometric dimensions, and 38 dimensions for our 360, GPI creates totally customised assessments that are specific to the competencies, values, requirements or objectives of any role, organisation or department – anywhere in the world. And should we not currently offer a dimension that suits your client’s needs, in consultation with you, we will develop a new validated dimension especially for your client’s business – we call this full customisation.

Contact David at [email protected] to find out more.

About David Leahy

David Leahy is the Director of Great People Inside Australia (GPI). GPI Australia provides state-of-the-art and fully customisable assessment and development solutions to help select, match, onboard, manage, develop, engage and retain top talent. Recently launched in Australia, GPI is seeking a limited number of Australian Channel Partners, so this is your opportunity to get in on the ground floor. To learn about our unique and exciting Channel Partner program please contact David at [email protected].