There is no doubt that we’re living through a difficult time right now. Many small business owners, in particular, are experiencing high levels of stress as they are forced to re-think some of their business practices in order to survive under new rules designed to keep workers and customers safe.
On the bright side, out of any difficult situation comes innovative ideas. Those who are hoping to launch the next big idea, may be wondering about the best ways to identify great entrepreneurial opportunities.
Here are some tips to identify entrepreneurial opportunities in the time of COVID
1. Solve a problem
The truth is that the majority of great new products succeed because they solve a problem. Most people draw on their own personal experiences or the experiences of their friends or family; they identify problems that inspire them to find a solution. Successful entrepreneurs look for problems that could be solved through the marketplace.
If we had to come up with a list of problems that need solving right now, the list is long. For example, as a nation we are currently worried about how to safely send our kids back to school in the fall. To solve that problem, we could use an affordable and easy way to free a room of virus particles in the air throughout the day.
2. Identifying trends
A savvy entrepreneur stays on top of evolving trends to look for business opportunities. These days, technological changes are creating opportunities for entrepreneurs that never existed before. In addition to technology, entrepreneurs should keep their eye on social, political and regulatory changes and new laws around specific products, interstate and international commerce.
Reading leading journals or purchasing independent research for market trends and forecasts are two ways to identify trends that could lead to a great business idea. Keep in mind that factors in more than one area can influence each other. For example, during COVID-19 we are dealing with intense social and economic factors that could lead to an idea.
3. Finding a gap in the marketplace
Finding a gap in the marketplace means creating a product or service that meets a need that is not currently being sold to the public. In some cases, an entrepreneur gets an idea for a product that builds off of another product. It can also represent a “niche market” that caters to a segment of the market with very specific needs and wants.
How partnering with a PEO can support your business during COVID-19
When a startup starts to grow, it’s time to hire employees and a PEO provides small businesses with many advantages that they might not otherwise be able to afford. These advantages have become even more important during this international health crisis.
When small business owners’ partner with Makai HR they:
- Gain peace of mind that they are complying with all of Hawaii’s labor laws, which is especially important when decisions are being made about how to handle a health crisis.
- Can provide comprehensive health care plans that will give your employees peace of mind about going to the doctor for treatment and testing.
We are also here to support your business if you are working remotely:
- Our cloud-based platform means that your employees can manage their HR needs through a computer, tablet or phone, making it easier for them to work from home.
- Our cloud based HRIS platform means that your HR team can manage HR remotely if they are sick or everyone is working remotely.
Pro tip: this is a good time to encourage all employees to update to Direct Deposit to reduce in person bank transactions and continue timely payroll payments. Do not delay. Contact us today to get started!