As a business, you're always looking out for new opportunities to grow. Most of these come from identifying gaps in the market and the one that executes their plan.
With these tips, you can identify potential revenue avenues hidden in the form of gaps in society.
- Are You up to the Task?
Yes, you may identify a gap in the market but are you up to the task? Do you have what it takes in terms of knowledge to take advantage of the gap? Therefore, before you can go in for the kill, take the time to analyze yourself and explore your strengths and weaknesses.
What activity makes you happy? Take a look at your past experiences including performance reviews to guide you through the process. You can also take a professional aptitude test to get an honest opinion about your strengths.
In addition, ask your colleagues about your strengths and weaknesses which may be a crucial pointer when taking on the new challenge.
Focus on Your Market
One of the biggest mistakes small business owners make is to look at broad markets during the initial stages of the business or when experiencing growth. With divided attention, it's easy to lose direction and this can lead to a collapse of the business.
However, when doing so, you also want to choose a niche market which can sustain growth. How does the customer base look like? Is there enough demand for the product you intend on introducing?
As such, it's important to focus on a specific niche and perfect it. This allows you to target a specific market with ease. The best way to go about this is by outsourcing some services through a PEO. If you are looking for the best North Carolina PEO options checkout digitalexits.com
Solve a Problem in the Society
Many large companies have grown to such heights by solving various problems in society. This way, you don't even have to market your products as much because the product or service will sell itself.
One of the easiest ways to identify problems in society is by asking your customers about what they want. What is missing in the market? This you can do by carrying out a survey.
In other cases, there might be a company trying to solve the problem but they aren't doing it in the right way. This gives you a chance at doing it better.
In addition, by focusing on a market gap, you avoid ending up in inflated markets which may spell doom for your business since it'll require twice or thrice the effort to breakthrough.
Over to You
After going through these informative tips on how to identify gaps in the market to elevate your business, you now have a blueprint to guide you through the process. However, the bottom line remains to stick to your niche market and become an authority before exploring other sectors.
In many ways I am a shining example of the American Dream. I was born in Hungary during the Communist era, and my family fled to Israel before coming to the U.S. in pursuit of freedom and safety. When we arrived, I was just a young, shy girl who couldn't speak English. After my childhood in Hungary, New York City was a marvel; I couldn't believe that such a lively, rich place existed. Even a simple thing like going to the market and seeing all the bright, colorful produce and having so many choices was new to me. I'll never take that for granted. I think it's where my love affair with color truly began.
One thing I had was a strong work ethic. I worked hard in school, to learn English, and at jobs including my first job at Dairy Queen -- which I loved! Ice cream is easily my favorite food. From there, I moved into the garment district where my brother-in-law's family had a business. During this time, I was able to see how a business was run and began to hone in on my eye for aesthetics and willingness to work hard at any task I was given.
Eventually, my brother-in-law bought a dental supply company in Los Angeles and asked me to join him. LA, a place with 365-days of sunshine. How could I say no? The company started as Odontorium Products Inc. During the acrylic movement of the 1980s, we realized that nail technicians were buying our product, and that the same components used for dentures were used for artificial nails. We saw a potential opening in the market, and we seized it. OPI began dropping off the "rubber band special" at every salon on Ventura Blvd. in Los Angeles. A jar of powder, liquid and primer – rubber-banded together – became the OPI Traditional Acrylic System and was a huge hit, giving OPI its start in the professional nail industry. It was 1981 when OPI first opened its doors. I couldn't have predicted our success, but I knew that hard work and faith in myself would be key in transforming a new business into a company with global reach.
When we started OPI, what we were doing was something new. Before OPI came on the scene, the generic, utilitarian nail polish names already on the market – like Red No. 4, Pink No. 2 – were completely forgettable. We rebranded the category with catchy names that we knew women could relate to and would remember. The industry was stale and boring, so we made it more fun and sexy. We started creating color collections. I carefully developed 30 groundbreaking colors for the debut collection -- many of which are still beloved bestsellers today, including Malaga Wine, Alpine Snow and Kyoto Pearl.
There is no other nail color brand in the world that touches the totality of industries the way OPI does.
With deep roots in Tinseltown, we eventually started collaborating with Hollywood. Our decision to collaborate with the entertainment industry also propelled OPI forward in another way, ultimately leading us to finding a way to connect with women beyond the world of beauty, relating our products to the beverages they drink, the cars they drive, the movies they watch, the clothes they wear – even the shade they use to paint their living room walls! There is no other nail color brand in the world that touches the totality of industries the way OPI does. It also propelled my growth as a businessperson forward. I found myself sitting in meetings with executives from some of the top companies in the world. I didn't have a fancy presentation. I didn't have a Harvard business degree. I realized that what I had was passion. I had a passion for what we were doing, and I had my own unique story that no one else could replicate.
Discipline, hard work, and passion gave me the confidence to grow from that shy immigrant girl to become the person that I am today
Bit by bit, I grew up with the business. Discipline, hard work, and passion gave me the confidence to grow from that shy immigrant girl to become the person that I am today -- an author, public speaker, and co-founder of OPI, the world's #1 professional nail brand.
I learned quickly that one can be an expert at many things, but not everything. Running a business is very hard work. Luckily, I had someone I could collaborate with who brought something new to the table and complemented my talents, my brother-in-law George Schaeffer. My business "superpower," or the ability to make decisions quickly and confidently, kept me ahead of trends and competition.
Another key to my success in building this brand and in growing in business was being authentic. Authenticity is so important to brands and maybe even more so now in the time of social media when you can speak directly to your consumers. I realized even then that I could only be me. I was a woman who knew what I wanted. I looked at my mother and daughter and wanted to create products that would excite and empower them.
There's often an expectation placed on women in charge that they need to be cutthroat to be competitive, but that's not true. Rather than focusing on my gender or any implied limitations I might bring to the job as a female and a mother, I always focused instead on my vision. I deliberately fostered an environment at OPI filled with warmth. After all, at the end of the day, your organization is only as good as its people. I've always found that being nice, being humble, and listening to others has served me well. Instead of pushing others down to get to the top, inspire them and bring them along on the journey.
You can read more about my personal and professional journey in my new memoir out now, I'm Not Really a Waitress: How One Woman Took Over the Beauty Industry One Color at a Time.