![]() ![]() But did you know that since 2016, growth in the mobile food industry has been outpacing growth of traditional restaurants? If you love cooking, you may have fantasized about one day opening your very own restaurant. If you’re looking for a unique business idea, here’s a few of our favorites:ġ7 unique small business ideas for first-time entrepreneurs 1. For a new business, starting from a point of uniqueness can make a world of difference when it comes to setting yourself apart from your competitors. Unique businesses in more niche industries tend to have less competition, but the competition they do have assures you that there’s an audience for your products. Standing out here is easy, but how can you be sure there’s a high enough demand for the product to sustain your business?īalancing these things is tricky, but easier when you start with a unique business idea. On the other hand, you might have a completely original product-something no other company is providing. But with high demand comes a competitive market and larger, more established players. If you’re selling a popular, widely available product, you can be sure that demand is high. Jonathan H.One of the biggest challenges in starting your own business is figuring out how to set yourself apart from the competition. If you focus on what you do well, you will have a chance to navigate the messiness and ride out the storm. Don’t try to be everything to everyone, but rather focus on providing the best, highest-quality product or service that you can to your customer, and innovate and expand in that space. Focus On Your Unique Value Propositionįocus on your unique value proposition and competitive advantage in the market. Sell on good news, buy on bad! - Michael Thiemann, Strategy-Lab™ġ2. A crisis shows who has a vision and who is just a greedy imitator. You won’t get excessive returns simply by doing what everyone else is doing. It is the moment of chance, when agile companies take action to help people with fresh, new ideas to overcome the crisis. The foundations of success are laid in a downturn or crisis. Ruth Simone, Luminare Coaching & Consulting Conducting an adequate study of the market patterns could uncover a smart opportunity to pursue. ![]() It is important to understand the specific reasons for the downturn and the dynamics that led to it, then identify the real opportunities that emerge as a result. Study Market Patterns To Identify Opportunities It can also be the opportunity to change our internal operations to build stronger teamwork, clarify priorities and expectations, and improve communication to survive the downturn. For a business, it could be identifying a new market, new product or new service. Jon Dwoskin, The Jon Dwoskin ExperienceĮvery crisis, including a downturn in the economy, is an opportunity to change our perspective about previous beliefs and assumptions. Find a business that hasn’t been able to capture the e-commerce market or adapt to the hybrid model and help them do this. These types of businesses are much easier to turn around, especially when the product and message are great. With the stock market in a downturn, you should look for opportunities in companies that have a great product and message but poor management. Be clear on whether this is a short-term or long-term change, as there are risks to be considered too. There could be a very natural and complementary pivot waiting to happen that some brainstorming armed with insight can unlock. Speak to your stakeholders (customers, shareholders and suppliers) to understand their pain points from the downturn and map them to your existing capability and resources. Speak To Your Stakeholders To Gain Insight Bobbie Goheen, Synthesis Management Groupħ. Understand people better, and you will see opportunity in any shift. With any change, identify the fundamentals people always need, then ask how you could make their experience of acquiring the fundamentals better. Watch for new areas of growth and identify what people will need to support it. When money and investment leaves one area, it always goes to a new area. Understand People And Their Fundamental Needs Jon Michail, Image Group InternationalĦ. Creative disruption is transforming all industries, and the opportunities will be abundant across the board. To take advantage of any market downturn, you must prepare now while you have the stability to plan, organize and direct your strategy. All systems evolve and are cyclical, including the stock market. Making hay while the sun is shining sets you up to make more hay when the clouds arrive. Prepare For Downturns During Periods Of Stability Forbes Coaches Council is an invitation-only community for leading business and career coaches. ![]()
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