Identifying Unique Business Opportunities
Successful entrepreneurs have a special talent for identifying unique business opportunities. They can identify market trends and navigate their resources to capitalize on these market transformations. When a gap or problem is identified a business owner should seek a solution, such as a product or service to fill this void.
All market indications are that this pandemic will be with us for many months, possibly another year. Some of the results of the changes we are experiencing will be permanent. Many companies will be downsizing their organizations. Employees will continue to work from home saving companies huge sums of money in office rentals. Commercial property owners in downtown city locations will have to reinvent their business model. They will have to convert their offices to other uses or perish. Recently, I heard about a motel that transfigured its rooms into mini-office suites. This is an example of a motel owner taking advantage of the market change to fill his empty rooms to long term leases.
If you’re in a business that has been affected by the current economic downturn try brainstorming with your partners and employees and discover an opportunity that can be beneficial to your operation. Use social media to get the pulse of your customers’ wants and needs. There is a wealth of information on the web, trade publications, and industry reports if you search and analyze your findings.
Once you have found a target opportunity the next step is to formulate a marketing strategy. When developing your strategy analyze financial startup costs, target market size, and market potential.
The best way that I’ve found developing a marketing plan is to purchase MP software that is available online.
https://www.capterra.com/marketing-planning-software/.
If you have any ideas or comments, please contact our manager.
Dennis Hassis, Agent Manager