This is an analytical approach to identifying and exploring new business opportunities. This is designed around service based businesses but the concepts can be applied to any business.
In order to compete you need to have a competitive advantage in one of three areas: speed, price or quality. The goal here is to look for holes in the market in these areas so you can find a way to carve out customers and earn business.
If you want to learn even more, check out my business courses!
See Business Courses Now!Initial criteria
- Growing customer base
- Weak competition
- Constant or rising cost
- Avoid passions / hobbies
Your List of 10
Now make a list of 10 possible services that you could offer. Use this list as your resource but don’t be afraid to stray from it. To help with this keep in mind the following questions and considerations:- What is unique about my location?
- What trends or changes may disrupt current businesses in my town?
- How is new, widely available technology influencing certain old school industries?
- How can I apply tech to an old school business to deliver it cheaper, faster or make it more convenient?
- What industries are way behind in digital marketing and online presence?
- What services are dominated by mom and pop shops?
- What services are hard for the general public or companies to find beyond word of mouth?
- What services are slowly delivered and have a large lead time?
- What is unique about my skillset?
- How much capital am I willing or able to invest and how can I hedge that risk?
- How quick do I need money coming in?
- House painting
- Herbicide application
- Maid Services
- Pest Control
- Mobile Bartending
- Mobile Car Detailing
- Pressure washing
- Deck staining
- Window cleaning
- Gutter cleaning
- Mobile beauty services
- Haircuts makeup massage or pedicure
- Mobile food cart near events (pre-made and simple)
- Niche videography
- Beer line / keg cleaning and maintenance
- Restaurant floor cleaning
- AirBNB property management
- Mobile pet grooming / training / boarding
- On demand holiday decorations
- Home office / closet build outs
- Fence rentals for events or construction sites
- Electrician
- Arborist
- Surveyor
- Niche Carpentry (decks, offices, wine cellars, sound rooms, home bars)
- Mobile car mechanic
Study the competition based on three factors
Now for each of your 10 businesses you are going to study the three main companies in your city that offer these services based on the following criteria:- Speed
- Accessibility / Digital Marketing
- Pricing
- Add value first. Don’t try to make a killing right way.
- Play the long game – its a 5 year plan
- Don’t let your emotions control your decisions
- Avoid the sunk cost fallacy
- Set measurable goals with timestamps
- Make customer service a competitive advantage
- Time is of the essence. Work as quickly as possible
- Thrive in uncomfortable situations
- Spend time on what is important but not urgent
- Focus your efforts in the 20% of your activity that generates 80% of your results
- When it comes time to hire and grow – simplify the job for your employees
Want more? Subscribe here to get short, concise emails from me once a week to help you build a better business. You can also click below to join the community and get around like minded individuals looking to build and grow their businesses.
Join the Community Now!