Look Before You Leep - Page 9 of 9 - Black Enterprise

Page: 1 2 3 4 5 6 7 8 9

Black Enterprise Magazine September/October 2018 Issue

Page: 1 2 3 4 5 6 7 8 9

their 50s have a larger amount of disposable income than perhaps any segment of the population. Many are readying themselves for retirement by putting their hard-earned dollars into mutual funds, stocks and other investment opportunities, but, as a group, they are spending a little as well. Their desire to pamper themselves can translate into a number of different business opportunities associated with travel, recreation, retailing, food and clothing.

Globalization of business marketplace. Doing business globally is no longer a luxury reserved for large corporations. Many smaller business organizations are finding opportunities in Latin America, Asia and Africa. Rural countries are in need of products and services that are commonplace in the United States. Some business ideas you may want to pursue to fill
consumer needs overseas include: laundromats, plumbing services, or computer supply stores.

A more health-conscious nation. More Americans are working hard at living healthy. Nutritional food stores are common in every city and mall. And even if you don’t carry a membership card for a local gym, you probably know someone who does. To tap into this emerging trend, you could consider opening a day spa, an aromatherapy store or a fruit juice bar. Any of these ideas could become profitable business ventures.

Company downsizing. Unfortunately, companies ranging from private hospitals to public technology giants have made significant cuts in staff to save money. However, to keep production at its peak, the same companies are “outsourcing” certain services-hiring outside professionals and businesses to perform tasks once completed in-house. An upside to downsizing can be found in these business opportunities: legal and paralegal services, billing services, public relations and meeting planning.

5 Questions To Answer
Who are your competitors? Remember that you can have both direct and indirect competition. If you operate an ice cream parlor, you will compete with Baskin & Robbins (direct competitor), but you will also share the market with alternative dessert vendors such as pastry and candy shops (indirect competitors).

Who are your potential customers? Where do they live and how will their location influence where you situate your business? For example, if your customers are military men and women, you may need to set up shop near naval, army, and air bases, or universities that have Reserve Officers’
Training Corps (ROTC) units.

How much is your target audience willing to pay for your product or service? Research what your competitors are charging, and use that amount as a measuring rod for the prices that you may need to set. You don’t want to charge too much or too little. Either extreme will eventually drive you out of business.

How will you reach your customers? What marketing techniques are most effective for reaching your audience? What methods will you use to let your target audience know that you exist? How much will those methods cost?

What is your positioning in the marketplace? Will you fill a special niche, or will your product or service be very similar to those that already exist?

Page: 1 2 3 4 5 6 7 8 9

Join the Conversation

MORE ON BlackEnterprise.com