Written by Shaz Memon
Entrepreneurs can see market downturns in two ways. Most business owners see it as a sign that they should “batten the hatches” and secure their investment, possibly even taking some losses to ride out the storm. Less risk-averse entrepreneurs, however, see a market downturn as an avenue to new opportunities.
With so many other industries seeing closures, the time is ripe to enter a new market. Even so, not all markets are easy to gain a foothold in. Intelligent business people know that the key to identifying new market opportunities come from weighing the market’s potential. However, in a brand-new industry, it can be challenging to spot the indicators that investing in this field is a good idea. To help, 16 experts from Forbes Business Council offer their expertise to help industry leaders find fertile ground to branch out into during an economic downturn.
Members of Forbes Business Council share strategies for finding promising opportunities in uncertain times. PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.
1. Remain In Your Core Business
Stay in your core business. In crisis, the gut reaction is to look for new opportunities. A better approach is to move inward toward the core, increase your reserves and be ready to spring forward when the market improves. If that doesn’t work, increase your alcohol consumption. – Andrew Fox, SuperJeweler.com
2. Leverage A Customer-Funded Model
The most creative investment type I find is the customer-funded business model where you ask your customers to pay for an upcoming product or service in return for an exclusive perk. This will make them feel special while helping you get an advanced funding. – Sardor Akhmedov, Jafton.com
3. Study Your Environment Obsessively
In economic downturns, most people contract due to fear. As entrepreneurs, we need to raise our opportunity-seeking radar and commit to believing there are opportunities for you and that you will find them. Study your environment obsessively and keep asking, “What human needs have changed during this climate?” Many successful brands have launched in recessions as there is always a new rise in demand. – Shaz Memon, Digimax Dental
