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The pandemic has drastically changed how we do business and life as we once knew it. Just like the Great Recession inspired a flood of new businesses, the seeds of growth opportunities and new entrepreneurial ideas can be planted and developed during hard times.
Here are four factors that can help existing and burgeoning entrepreneurs as they build and advance that business plan and/or new niche concept in the making.
Carve Out a Niche
When looking to start a business or discover an untapped marketplace, consider what demand is in the world. Focus on what’s ahead instead of the here and now. Pay attention to the trends and take a chance on industries that may be underserved or overlooked.
Entrepreneurs need to consider what their future business will be up against in the marketplace. When Green Home Solutions was founded, it needed to be something that e-commerce and Amazon couldn’t easily replicate. When nearly every industry was shifting online, the brand needed to offer quality services that were in demand.
Entrepreneurs today must think of what is not already easily accessible to their customer base, and even if there are competitors in the space, think of ways to differentiate the brand.
Find the Nucleus
In order to set a business apart from others, entrepreneurs need to find and build concepts around the “nucleus,” the main differentiator that sets it apart. For a new business to become a leader in its industry, there has to be a solid foundation that focuses on the core offering(s).
For Green Home Solutions, eradicating mold was the nucleus that then grew into providing greener solutions for indoor air quality for the next generation of consumers. Today, service offerings have expanded to include hospital-grade whole-room disinfecting, probiotic air purification, crawl space encapsulation, and more.
When founding a business, knowing the nucleus can lead to limitless growth opportunities, all while staying true to the brand.
Build a Business That Stands for Something
To be successful, an entrepreneur must be passionate about the business they are founding. While profitability is always a focus, starting a business cannot be just a play to make more money. Entrepreneurs need to dive deep into what they care about and build from there. They need to build something that makes them proud to be an entrepreneur.
Green Home Solutions was built to better the air our grandchildren breathe. That continues to be the driving force, and is a talking point in every conversation about developing the business.
Create the Culture from the Start
The culture of any business—from home-based brands to franchises and corporations—begins with the entrepreneur laying the cultural foundation. Think of your business like a will. If someone does not write a will, the government will determine who gets their remaining assets. The same thing will happen if an entrepreneur does not make a plan for their company’s culture. When a new business lacks a culture, it will form its own with the help of outside factors.
When building a business, think about the ideal brand reputation and choose people who will commit to building that vision. Together, as an organization, set the tone for what kind of culture needs to be established. For Green Home Solutions, it was about leading with a caring culture and growing with people who have servant leadership.
Discovering untapped industries and building a business that fills demand and differentiates from the start indicate that an entrepreneur has created something unique.