As a general rule, chasing trends in business is not a good idea. Think of an amateur trying to outguess the stock market while doing little if any homework.
This is not to say, though, that there are never instances in which aligning yourself with a trend can make you a nice profit. In fact, the food, entertainment, and fashion industries exist in cycles in which shrewd analysis of trends can make someone a lot of money. Think of examples of old brands being re-marketed successfully to younger generations: Pabst Blue Ribbon beer, Pokemon, Air Jordans, Lego, Herbal Essence, and in entertainment, Tony Bennett to the younger generation. Millennials offer a ready target for re-marketing as they respond to positive associations from the 90s, 80s, 70s, and even 60s.
However, to take advantage of these trends, it helps for someone to study the organization closely and determine what it is actually achieving and by what means they are attaining this success. There are also these important things to keep in mind before you try to catch up to a trend.
1) The trend must be aligned with the core or your business. Entrepreneur references a company called Shiner Ltd, a British-based distributor of action sports goods, which was able to take advantage of the scooter and skateboarding boom in the U.K. They happened to be part of the 1970s skateboard era. Conversely, many companies have failed jumping categories while trying to chase a trend.
2) Make sure costs are low and margins high. If you can achieve this, you should be able to maximize your profits particularly when the demand is high for a product. Offering products or services from a low-cost base will allow you to continue to profit even as prices are declining and even reinvest the profits.
3) Be aware that the trend will end. Get in, get out, and don’t linger. Be on the lookout for additional opportunities that your customers might enjoy such as a Western Union counter or custom coffee shop inside your supermarket.
Know your organization and its history well so you can be in a good position to catch the next cycle of interest.
In case you are searching for ideas on what business to start, Business News Daily has come up with some very interesting ones and some that may surprise you.
1) Home healthcare services – With people living longer than ever (between 2010 and 2050, the 85-and-over population is expected to increase 351 percent globally and the 65-and-older group, 188 percent), a business targeted to seniors is a good idea.
2) Green consulting – The pressure for businesses to adopt green practices is increasing. Helping companies go green will reduce their costs, risks, and liabilities—and increase productivity, employee retention, and morale.
3) Freelance copywriter – If you are a good writer, getting involved in freelance copywriting could be a lucrative side job or even develop into a full-time job. This could be writing for websites, blogs, or advertisements, and even doing some editing. Some companies pay quite well.
4) Tech implementation consultancy – If you are good with IT in general and with computers, this could be an excellent field for you. Technology is advancing in the areas of machine learning, big data analytics, and AI. Many companies do not have the time or inclination to learn this new technology and that is where you come in.
5) Crowdfunding consulting – Crowdfunding lets groups of people pool their resources to invest in startups. A crowdfunding consultant assists others in understanding the practice and raising additional money by helping to plan, strategize, and run campaigns to attract new backers.
6) Disaster consulting – In a time when more frequent, sever,e and even freak weather events are occurring, it can pay to have on hand a disaster consultant. They will assist businesses in going through the necessary steps for protecting all aspects of their company in case there is a disaster.
7) Estate sales – Sooner or later, just about everyone has to liquidate the contents of their home whether it be due to a divorce, an inheritance, or just a regular move. An estate sales person will price out a home, establish prices for all contents of the house, advertise, and organize a day for the public to buy the products—and not to mention making a nice percentage of the sales.
8) Multicultural marketing expert – Many businesses are failing to connect with minorities (a growing population) and are missing out on a $3 trillion dollar market. These marketers help businesses locate that market and craft messages for more than just one ethnicity.
Some more ideas – Cannabis licensing consultancy, organic beauty products, healthy fast food, healthcare consulting, wheelchair repair, ghostwriting, translation services, and car repair concierge.
Originally published on https://www.linkedin.com/pulse/capturing-trend-setting-business-idea-steve-king/
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