Laura

The Chamber of Commerce


The Chamber of Commerce in your region is an excellent resource. The local chamber will be on the lookout for opportunities to expand their business. They will not only be watching closely on companies, but they'll also be able to connect with your business as the process progresses. This is a bonus point.

Bonus If you are able to ask lots of people questions, it will enable you to build relationships and connections that could be of benefit to you and your company.

After the gap is re-fined will give you a list to show people, as well as a list to list your own business. Now it's time for you to evaluate the two. There are likely to be similarities between the tests.

 3 - Identifying the most appropriate gap for you

 

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Is there a business on your list that is appealing to you? Did you find a gap and wondered, "Wow, I already own everything I need to do that?"

A good instance is: Have you worked in the bakery industry. Have you worked in a bakery? Both in terms production and retail. Do you bake at weekends? Are you able to share your recipes? Have you distributed baked goods? Do you belong to a baking group?

Do you think it's a good idea to open a bakery? It's possible, but it may not be. The question is: Do you really want to pursue?

If you know that you're not going to start a bakery, despite your love for sweets, then you cantake it off the list. It is important to identify things that meet these three criteria.

What are you thinking the town needs?

 

What are I skilled at?? If I'm not sure, what do I enjoy doing?

 

What's my purpose?

 

The 3 points above will be aligned and you'll be on your way.

 4 - Protect your downside and hedge you bets

 

We've now asked a lot of questions that have helped us to create the foundation of a business idea and to determine the best business. To confirm your idea, you need to ask questions about the structure of your business.

These questions can aid you in identifying the obstacles you have to overcome before you launch a business.

Does this company have a chance to fail because it doesn't have enough clients to generate an income?

 

Will this business not work simply because you lack certain information?

 

Are your products or services not enough to make your business succeed?

 

These questions can help you fill a market gap the strongest possible -improving your odds of success.

Are there ways you can gradually pour resources into this gap? Doing it this way ensures the business strengthens correctly as opposed to filling in the gap only to realize that it will soon break.

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What if you could begin with a smaller amount? Is it possible to sublet a small portion of a commercial space, instead of the entire space? Are you able to get customers to sign up ahead of time? Are you able to access it from your home if you don't live in the region? Maybe you can make up a tiny portion of the gap?