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.

Initial criteria
Growing customer base
You should not need to steal customers from other companies to carve out your piece of the pie. Look for services that are in higher demand today than they were yesterday and are expected to be in higher demand tomorrow than they are today.

Weak competition
Choose your competition wisely. Who do you want to compete with? Walmart? Amazon? Chinese manufacturers? Silicon Valley based companies? Big data? Big money? Coders or developers working for $7/hr on Upwork? A mom and pop with a fax machine, yellow page ads and a filing cabinet?

Constant or rising cost
Consider the trajectory of your service or product. Don’t sell something that is getting cheaper all the time. This killed RadioShack (along with a host of other things) and is putting a hurt on a lot of software development and tech firms.

Avoid passions / hobbies
Avoid markets that are targets for hobbyists and dreamers. These people don’t use common sense and make unwise financial decisions. You don’t want to compete with them. This includes restaurants, bars, blockchain, personal training, health coaching, social media app development etc.

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?
Now we will form our list of 10 services that we would like to analyze for possible opportunity. The first 5 will be low skilled, low upfront cost and low barrier to entry businesses. Click here for examples:

[ Ссылка ]

Check my 2nd show (The Nick Huber Show):
Apple podcasts: [ Ссылка ]
Spotify: [ Ссылка ]
Check episode 10: How to get a job at a Real Estate firm
[ Ссылка ]


We have Real Estate community:
Join now: [ Ссылка ]

свернуть