Friday, April 19, 2019

10 Signs That a Trend Will Become a Viable Business Opportunity

Being successful in business requires you to take advantage of opportunities as soon as they’re in front of you. Grabbing hold of a trend and building a product or service around it is a great way to stay relevant in the eyes of the consumer and it’s important to occasionally refresh your brand and products so that you can stay in business and grow your audience.

However, latching onto a trend and creating a product from it can be difficult especially if you’re unsure if it will be a lasting one. The worst thing you can do is hire new employees and shift your business direction just to take advantage of a trend that isn’t going to last for a long time. When this happens, you’ll waste money, you’ll waste time and you’ll waste valuable resources that could’ve been invested elsewhere.

So to help you out, we’ve put together a list of 10 signs that a trend you see on social media or in the industry will become a viable business opportunity and not just a fleeting idea.

1. The trend is capable of changing the lives of many people

A good trend is one that will be capable of changing the lives of many people. For instance, a trend for healthy eating is a great one to consider if you’re thinking of starting a new business or changing the direction of your current business because it can make a positive change to people’s lives. Trends such as smartphones many years ago were also a viable business opportunity because of the power they had to make people’s lives easier and also connect more people from all over the globe.

2. The trend is based on a legislative change

Sometimes, trends are forced by legislative changes that make new markets appear or create entirely new product possibilities. For instance, the attitude change towards cannabis products in the United States makes a wholesale vape partnership a lucrative one. Not only does it give you access to trendy products at a lowered price, but it also helps you learn more about the trend and the legislative change that can help empower your business opportunities.

3. The trend doesn’t require you to shift your business much

If a trend doesn’t require you to shift your business much then it’s a great opportunity that you can take advantage of. For instance, if you’re already a consultancy firm that deals with technology and networking in offices, then you could add new services to take advantage of any regulation changes. A good example of this in the past was the General Data Protection Regulation, or GDPR for short, that made it difficult for companies to work with EU-based consumers unless they met the new strict standards regarding data storage and usage.

4. The trend is being spoken about in social media

If a trend is being spoken about on social media then there’s a good chance that it’s something that could stick around. However, it’s always a good idea to ensure that the trend isn’t just a passing idea or a temporary thing. You can use data to help you ensure that the trend you see on social media is one that will be a lasting business proposition and not just a fad. However, if your team is agile and you have the connections to make it happen, it’s still possible to take advantage of fads.

5. The trend is enabled by a technology advance

Sometimes a trend is enabled by technology advances. For instance, smartphones were a fantastic platform for people to create businesses based on apps. Whether it was creating apps, helping other businesses create apps or even creating consultancy firms to help offer advice on add development, many new business opportunities were created as a result of increased awareness of smartphone technology.

6. The trend has many possibilities that can take it in different directions

Much like app development trends in the past, a good trend can be taken in different directions which will offer you many viable business opportunities. If you can already envision the many ways that the trend can be shifted then there’s a good chance that it’s worth further investing in the idea and take it in a new and unique direction.

7. The trend is something that you fully understand

If you want to fulfil orders efficiently then you need to fully understand the trend before attempting to take advantage of it. Whether it’s understanding the entire legislative change or learning why it’s exciting for so many consumers, you need to fully understand a trend before you attempt to take advantage of it.

8. The trend has been seen before in the past

Trends come and go and there are often times where a trend will fail in the past yet be brought back because of new technological advances that can advance it further. We saw this with tablet and mobile computing. It was once popular for business users despite the bulky size of a laptop and touchscreen computers, but as that technology improved, it came back in the form of smartphones and tablet computers.

9. The trend isn’t being spoken about too much

Trends that are constantly being spoken about with predictions are often over-hyped and usually don’t last long. The other direction is that they can be completely exploited by larger companies before you can even take advantage of it as a business opportunity. Look for niche ideas that aren’t being spoken about much so you can surprise the industry with a new idea.

10. The trend aligns with your existing ideas, culture or industry

If the trend is something that is closely related to your existing idea, office culture or the industry you’re in, then it won’t take long for you to adapt your business processes in order to take advantage of it. In this case, it can become an excellent business opportunity that you should take advantage of in order to grow your brand and reach a wider audience.