Many of the best long term investments on the ASX have come from owning businesses that have expanded their horizons beyond their initial idea or marketplace.

For example, SEEK Limited (ASX: SEK) initially operated a job listings website in Australia. It has since become a major global player in the employment and education markets and more than half of the company’s earnings now come from its international operations.

Identifying companies like SEEK at their early stages is obviously more difficult than it sounds, but I believe investors should always consider what opportunities are available to a company that might help it to become successful.

With that in mind, here are two shares that I believe will be presented with massive opportunities for further growth:

Challenger Ltd (ASX: CGF)

Challenger has a long runway of growth ahead of it when you consider just how quickly the pool of retirement savings is growing coupled with the number of people looking for reliable retirement income. The company’s annuity products play right into the hands of risk averse investors as well as to advisers who do not want to expose their clients to volatile equity markets.

Although Challenger is most well known for its annuity products, it also has a growing funds management business that currently manages around $55 billion. This is not an insignificant amount of money and provides the company with an additional revenue stream to grow its earnings.

The shares are reasonably priced, trading at 15x earnings, and also provide a handy dividend yield of around 3.7%.

Corporate Travel Management Ltd (ASX: CTD)

There was a lot to like about Corporate Travel’s latest earnings report, but there was one point that really got me excited about the company’s future potential. Despite all of its success so far, Corporate Travel is still far from dominating any market it operates in and this is highlighted by the slide below.

Source: Company Presentation

Source: Company Presentation

These figures highlight just how lucrative the corporate travel market is becoming and I have little doubt that the company will be able to grow its market share over time.

Sure, the shares appear expensive at the moment, but I think investors looking for a top-notch company should consider Corporate Travel at the sign of any share price weakness.

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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.