Surges in technology, a much more open global market, and customer trends towards the digital space continue to expand the modern business space, creating new niches for savvy entrepreneurs to capitalize on. Over the last year, customer trends and everyday business activities have been forced to pivot further. Still, even this has opened the door to opportunity, regardless of if you live in the city or in small towns, villages, or other rural areas.
Of course, even if you can identify niches in set sectors, if you plan on creating a start-up to tackle the space, you’ll want to have some experience and expertise there yourself or from a partner. As start-ups have a high failure rate, per Investopedia, potential investors look to the team’s expertise as well as the idea. So, even if you choose to pursue one of the routes identified here, you’ll want to make sure that you have the right minds on board.
So, let’s get stuck in and run through some of the ideas coming to light in the business world that we find ourselves in, and if you can use them to your advantage.
The habitual use of online comparators
Whether it’s finding the lowest cost for their weekly shop or buying a new car, people have become accustomed to browsing comparison sites before making a purchase. For general consumers, the vast majority of commercial products can be reviewed and compared online, creating a habit among buyers for seeking convenient comparators.
Online comparators don’t always just compare goods and services, however, with some muscling into the market by cutting out intermediaries who are sometimes led against the most customer-friendly practices. This can be seen with the online mortgage rates comparison site Trussle, which compiles all of the essential information of mortgages available from all forms of the lender, giving you the full picture rather than commission-driven advice.
The best online comparison sites are those that focus on a niche, such as mortgage rates, and make the process of decision making and research quick and simple. For the pure reason that people have come to trust and rely on these kinds of websites, entrepreneurs who have spotted a sector that would benefit from a comparator can quickly capitalize if they build a comprehensive and helpful online product.
Be the ones who help others to connect
Even with various jurisdictions seeing restrictions come into play, the business in almost all industries continues to become increasingly global. It’s so easy to find suppliers and vendors across the internet and in different countries that offering an international service is becoming much more straightforward. However, the main hurdle that most businesses who look to connect with others overseas will find is the language barrier.
CNBC reported that the demand for translators and interpreters has gone through the roof since 2010, with the number of people employed in the industry doubling from the start of the decade through to 2017. Technology is helping to enhance the product offered by trained translators, meaning that there are more around who perform at a high level. As such, creating a team and establishing a business based on assisting the connection of companies around the world may be more viable now than ever before.
Bringing restaurant-quality meals to the people
The food industry is changing a great deal. The rise of convenient takeaway apps and restaurant menu delivery services, such as Deliveroo, has allowed the busiest and most isolated people to enjoy food cooked by others at their convenience. Some of the best food start-ups of the century have proven to be food delivery services, with more people wanting to spend less time on getting good food. Nowadays, people are further less inclined to go out of their way to get food out, be it collect a takeaway or sit in a restaurant.
So, with a skilled chef on board, there may be a gap in the market of your local area to get a successful food truck venture underway. While the start-up costs relayed by Business New Daily are quite steep, if you can identify areas of customers where you can come around, park up regularly, and serve food, you could have quite the successful start-up on your hands – especially if you mix-up the menu regularly to standout from the existing set-in takeaway services.
Comparisons, translations, and convenient eating look to continue to be in high demand right now, and for the foreseeable future, it just depends on whether you have the entrepreneurial skill to exploit potential openings.
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Chris has served as a business advisor to a big list of small and micro businesses; localized businesses and social enterprise in particular. Chris is also an avid reader and loves to stay updated about latest tech and innovation.