Growth Outlook in Existing Market
The next service I am looking to provide the existing market, senior citizens, is a transportation service tailored to their needs and accessibility abilities. Essentially, it would be an "Uber for the elderly" but with more quality and care in the execution. For example, this service would transport elderly to doctors appointments, grocery stores, or for leisure.
I plan to focus and build upon the scam service first. I believe that in the long-run it has the most potential for growth and opportunities for future innovation. Technology is only going to become more advanced as time goes on. With that being said, there will be need for older people to become protected from scammers who exploit knowledge gaps.
This business will need to continually find ways to innovate in its service(s) and products in order to maintain a competitive advantage over the market or find market niches to grow. As of now, I do not know the specific details.
Growth Potential in New Market
Looking at the older population for business opportunities sparked an idea for a new market: early childhood development (years 0-5). In an earlier post, I mentioned my entrepreneurship story that explained a product targeting this market. I truly believed in the product, so I want to take it a step further and create a business that will provide this product and similar ones to satisfy the needs of the consumer demographic and most importantly the parents (babies don't have money last time I checked).
Some products I had in mind that will meet the needs of this potential consumer include: disciplinary products, educational tools, and music therapy.
Hey Aaron!
ReplyDeleteI really liked your possible new market idea! I feel that being able to adapt your business idea and overall product to be able to accommodate the exact opposite of the spectrum of customers. I especially liked your idea of music therapy, because Ive heard that helps growth and development in babies immensely.