Economic Trends
A strengthening residential sector
Source: https://commercial.jpmorganchase.com/pages/commercial-banking/executive-connect/home-improvement
There is a continually growing population rate yet the housing construction market has yet to return to pre-recession rates. This implies there is an unmet need, consumers just need the product that can convince them that housing construction is worth spending money on again.
I think the prototypical consumer would be children moving out of the house for the first time and beginning families of their own or families who are downsizing and need new homes. These consumers, if convinced of the value, may consider constructing a new house and not going into a small apartment or other housing options. Appealing to one's sense of creating their "dream home" could get consumers to build homes and not just buy an existing home.
I think with the right product or service, this opportunity could be relatively easy to exploit since many of these consumers are already looking for a place to stay, it is just a matter of showing the value of building a new home.
Due to the fact that my mom is a decorator, I am very in tune with how many houses are being built versus how many home renovations are being done, as well as the reasoning behind why some people choose a renovation over building a new house entirely. When I saw this trend, I saw the opportunity to show the value in building a home since most people just end up trying to "make do" with the home they buy instead of loving every aspect of the home itself.
Declining demand for the dairy industry
Source: https://www.nytimes.com/2018/03/19/nyregion/farmer-suicides-mark-tough-times-for-new-york-dairy-industry.html?rref=collection%2Ftimestopic%2FEconomic%20Conditions%20and%20Trends&action=click&contentCollection=timestopics®ion=stream&module=stream_unit&version=latest&contentPlacement=72&pgtype=collection
Dairy farmers are collectively suffering loses both financially and physically. Farms are declining and farmers are selling milk at a loss because people are switching to milk alternatives and milk is priced low. This is leading to many farms closing down, and as a result many farmers are committing suicide.
This leaves room for either a trendy dairy-based product to be created to provide these farmers with work that can sustain their farms. Another opportunity would be to create a website where farmers can find one another and combine resources so that their farms can be sustainable when resources are combined since running so many individual farms is not working and so many farms are failing.
The prototypical consumer for this opportunity would either be dairy-consuming people who enjoy trendy products, or it would be the dairy farmers themselves who may be trying to find ways to keep their farms up and running.
This opportunity may be difficult to exploit because dairy products are being transitioned away as being vegan becomes more and more common. Also, many of these farms are family owned and operated so farmers may be opposed to combining resources. However, the need for a service like the one described above is definitely there.
I used to run an online account that helped people who were feeling suicidal, and it is because of this that I know the main reason for people feeling that way is a lack of hope for the future. So when I saw that farmers in many locations were feeling this way, my mind immediately sought to find a way to present this group with hope for their farms and their future in the form of an entrepreneurial opportunity like the ones I mentioned above.
Regulatory Changes
General data protection regulations in the European Union are requiring the tightening of networks to make data more secure
Source: https://www.cmswire.com/digital-experience/what-the-gdpr-will-mean-for-your-bottom-line/
These regulations are expected to come to the United States as well. This regulation is making data policies in the European Union stricter and many businesses are needing updated systems. Many small businesses especially need to update security protocols to protect consumer data.
This means there are many businesses looking for ways to effectively meet these new requirements and many US businesses also looking to get a head start on updating systems in the most cost effective way. These businesses would be the prototypical consumer for this opportunity and it would not be hard to exploit this opportunity since in many areas it is a mandated improvement or a soon to be mandated improvement.
Due to my mom herself owning a small business, I know that many business owners like to be prepared for new trends, and if meeting standards early and having a head start will save money in the long run, many small business owners would jump for an opportunity like that instead of getting blindsided by mandatory regulations later. But also many small businesses do not have the means or the knowledge to implement these changes themselves and would need outside people to come in and bring their businesses up to the standard so there is definitely an opportunity for both those with the regulations as well as those who are expected to be seeing these regulations in the near future. I know that my mom has had to have outside companies come in to help bring her business up to speed on some new software services so there would definitely be a market for it.
May 1st - May 7th is now designated "National Physical Education and Sport Week"
Source: https://www.govtrack.us/congress/bills/115/sres516/text/ats
This new regulation encourages schools during this week to implement physical education programs, provide educators with physical health and wellness development, give children opportunities for physical activities before and after school and during summer months, and promote district-wide mental and physical health and wellness. This bill is intended to lower rates of obesity and encourage better education regarding physical activity.
As a result of this regulation, many schools are going to have to change and offer more physical opportunities that are not currently offered. This leaves an opportunity for entrepreneurs to present some options for physical activities that a school could easily add or educational courses for teachers to be taught the mandated health and wellness information.
While it is easy to implement many of these changes and therefore easy for entrepreneurs to exploit this, due to tight budgets of many schools and the wording of the bill only "encouraging" these changes, many schools may be able to get out of making these changes, and it therefore may not be very easy to exploit this opportunity.
As someone who grew up in schools that offered many different athletic programs, I considered myself lucky because I had many friends at schools where they were not as fortunate to have athletic programs and opportunities like I had. So when I read that there is a new standard for what schools are expected to provide as far as physical education, I immediately knew of schools, even in my own area, that would need additional programs added and saw the opportunity in that.
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