My formula for developing a new business opportunity is to pose the five W’s and see if there is market and a real opportunity that needs filling. My five W’s are simple: what, who, where, when, and how. Answer those five questions and you can find out whether that hobby or opportunity is something worth pursuing or not. Let’s take an example and see how it works.
I would like to provide a service advocating for the elderly. As the 79 million Baby Boomers start retiring, there will be a big time need for services to help them in a variety of ways. As a matter of fact, 10,000 boomers are retiring every day. That is a lot of people who are in need of the services I want to provide. That is a big target population. Obviously not all need help and some will not look for it, but some will and you are there to help them. You have a large captive audience that is growing and looking for your services. By providing those services you are helping them and advocating for them. Services can run from providing advice, links and looking at issues as they come up. You can provide information on services such as travel, housing, work, savings, income, legal issues, and retirement issues. A key to making a business successful is to find if there is a need not being fulfilled and a big captive market that is looking for it.
Starting now and for the next few years as boomers retire, you can advocate to help them find the services that they need, when they need them at the local level: things such as advice, services, links, advocacy, and how to get them, key issues and what to do about them. You can also publish a newsletter that talks about issues and points to services to help them.
How to reach your audience: Use a website to provide advice, resources & links, and publish a newsletter. Advocating and advising you need to do locally so you can interact with seniors. As your business grows, you can expand your area. This two-pronged strategy can help you focus on the needs while growing your business nationally. You need to use a website, advertising and social media to reach your customers. Flyers and word of mouth also helps in getting the word out.
Now that I have looked at the opportunity, is it something I want to do?? Yes, it is and looking at the size of the market, it is a good opportunity for making money while providing a service that people need. Now, the only thing needed is to plan and implement ASAP.
What is your opportunity??