In the previous articles, I shared with you two methods of generating business ideas Skills-based and Need-based share with me some of the ideas you came up in the comment section. Feel free to ask any question that you may have for a personalized response.
Today, I will be sharing the third method for generating business ideas is the trends-based method.
A trend is what’s hip or popular at a certain point in time. A trend simply reflects what seems to be going around at any given time. A trend can be in any area and doesn’t only reflect fashion, pop culture and entertainment. There can also be a trend in the stock market to be bullish or bearish, depending on economic indicators, or a political trend reflecting a nation’s current mood. Some trends are fun, some fabulous, some appalling, but however long they last, you can be sure there will always be a new trend coming along to replace the old. (vocabulary.com)
Through keen observations, it is possible to notice trends in the following areas:
- Politics
- Economy
- Society
- Technology
- Environment
- Legal etc
EXERCISE: Get Your Hands Dirty
Based on the trends in the areas above, identify at least two kinds of businesses that may be started.
EXAMPLES: Opportunities
1. Political trends such as a change in political leadership and devolution policies impact on small businesses.
On devolution, opportunities will be created for rental units in upcoming country towns; more markets fresh farm produce to feed people in growing urban centres etc.
Both national and county political leadership can be supportive or against small businesses in terms of licencing, location, access to credit, taxation etc. These factors will influence the choice of business ideas.
2. Social trends are significant happenings at a societal level that create business opportunities.
For example, with people wanting to eat healthy foods, there will be a need for outlets that sell traditional foods in towns.
Sales of trendy clothes for the growing number of millennials will be on the increase.
People want more and more conveniences in obtaining goods and services. Businesses on the door to door delivery of goods or services (UBERing mania) will be on the rise.
With rising youth unemployment, insecurity will increase to unprecedented levels. There will be business opportunities will for sale of security items e.g. electric fencing, security dogs, fabrication of burglar proofs, security firms etc
3. Environmental trends are efforts at national, county and community levels to protect the environment from destruction through pollution and related factors.
Businesses such as collection and disposal of waste; recycling of waste, production and sale of organic foods etc will have high chances of success.
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