Photo (CC) by Malin Andreassen, on Flickr

“If only” is a statement I hear often from small-business owners.

Sometimes the wishes are big and grandiose. But most of the time, the wishes are just what one might expect such as more customers, a big order, more space or more money to work with or in the bank at the end of the month.

Yes, often the wishes are just dreaming, yet I have also seen a them come true.

It is great when that happens but, when asked, business owners often reflect that this great positive showed weaknesses in their planning and preparation.

Issues that these owners have faced include: keeping customers happy once they start coming; getting and training an adequate level of staff, needing more space and equipment, finding where to get more raw materials, and, of course, needing more money. Even when things are going good and money is starting to come in, the demand for access to even more cash grows as well.

Business owners comment that they were looking at much larger loans or at new challenges as they considered raising equity capital or working with an angel or venture capitalists.

So should you, as the owner, give up on your wishes? Not at all. For most people, the wishing stage just gets us started thinking about the future. And those thoughts form the start of what all business owners should do, planning.

Wishing is a good lead for the next step, the “what if” statements. How might your business be impacted if a wish does happen? Are you ready to respond?

Being ready to respond will make achieving your wish feel so much better. It also may help direct what you wish for. For example, many people enjoy the creative process. If demand should skyrocket, he or she becomes a manager and loses any hands-on role. It’s something to think about and plan for to ensure that your small business continues to fulfill your dreams and desires.

Wishing or dreaming or whatever you want to call it is a huge motivator. It keeps us motivated. And that will build your business.

As Eleanor Roosevelt said, “The future belongs to those who believe in the beauty of their dreams.” The key to this story is do not let your wishes be the end of your dreams.

Photo (CC) by One Way Stock, on Flickr

“What business should I start?” is a common question asked to those of us supporting small-business owners.

Sometimes the question is modified as people want a business that “will make lots of money” or will be a success.

We, by our position, are assumed to have some special understanding of what the market wants.

Okay, there may be some truth in that (or so we would like to believe), but the reality is a successful business comes from an understanding of two things.

The first understanding is of one’s self.

• What do you like to do?
• How passionate are you about the idea?
• What is your definition of success?
• How hard will you work?

The second understanding is what does the market want? And is the market willing to pay what you need in order to make a profit? In addition there are some related questions such as:

• Does the idea have long-term potential?
• What is the competition like now and what might it be in the future?
• What advantages do you have?

Put all of this together and you can perhaps understand why my typical answer is, “It depends.”

In support of my response, I offer four examples of businesses that are succeeding even though many of us may have thought it would not happen or that it would remain more of a hobby than a profitable venture.

My first example was watching my father-in-law selling used parts for John Deere combines from his farm in rural North Dakota. Over the years, his business grew as his market grew to encompass all of the Great Plains states. He also made international sales to Mexico, Canada and South America.

A second example can be found in this story about re-developing a detergent that worked in vintage washing machines. http://www.businessnewsdaily.com/9662-jon-charles-rosalies-zero-suds.html

Another opportunity is for the skills it takes to maintain certain products such as this report of an accordion repairman – http://www.greatbigstory.com/stories/new-york-city-s-last-accordion-repairman. Of course, you might also think about the buggy wheel maker. It’s true that this is not the industry it once was, but for some, it remains an opportunity.

Last, there even are opportunities in areas that would seem to be completely saturated. When I started in Oklahoma, one of the first people who came to my office wanted to market his barbeque sauce. As we talked about this, I remarked how crowded I saw this arena and the control that the big brands had. Yet, this was my lesson into the fact coverage by the big brands leaves holes or niches for others to fill. This person had a passion and tremendous perseverance. Over the next several years, he managed to find and capture a significant niche position that put him into grocery stores in several states/

Thus my response of “it depends.” Opportunities exist all over. Successful businesses require: a vision to see openings where most of us don’t; and, the capacity to move that idea to reality.

Photo (CC 2.0) by seaternity, on flickr

Do you ever look at the news and ask yourself how what you see might impact your business?

If you are like me, the chances are you don’t do a great deal of this.  Yes, we watch the news and may read the paper, a magazine and maybe a trade journal. Plus, we may spend time online going to various sites for information, education and entertainment.

I suspect, though, that we don’t spend a great deal of time reflecting on what it is we just saw and how it may impact our business. Oh, maybe with trade journals and small business articles, something focused on our livelihood, may merit some thought, but much of it we see and then quickly discard.

So this morning, I took the time to think about what I was reading and how items may be important or an opportunity for a small business.

While there is lots of things I could talk about, I want to focus on two news articles, one I see as a trend and another that’s partially fad but also has a trend. Here goes:

Pokemon Go – This augmented reality game has exploded. In just two days, 5 percent of Android devices downloaded the app. You may remember Pokemon, from Nintendo, from years past. Well, its back in a big way. Last evening, I happened to come across a location here in Bismarck where teens were gathering to be part of the game.

This article talks about how one small business has tried to capture some of this market.  While the store was lucky enough to be a home to a PokeStop, other stores are trying to determine how they might benefit from the game.

Takeaway: It’s probably a fad that will quickly come and just as quickly go. With the current market being teens, as soon as adults try to move in, they probably will go somewhere else. However, it does suggest two small business opportunities. The first opportunity comes from the fact that things can cycle around. Pokemon was big, left and now is back.

The second opportunity comes from what augmented reality might mean for small businesses. Imagine how you could use this in your store. And it will only get better.

Solar Impulse 2 – Going around the world in an aircraft powered only by solar energy. I have been watching this unfold for some time.  It doesn’t make the headlines often right now but will in the not too distant future. The project has only one flight leg left to complete its objective. It’s had its ups and downs (bad pun). And it’s a long way from commercial flights.

Takeaway: It’s a trend. Think about the opportunities, not only from solar energy, but, other technology involved from building materials to batteries to technology to the ability to follow the flights live with video and social media. And this is only one example. What about driverless cars? Or Google Streetview now offering a service to now go inside your store?

As with any opportunity, you need to determine if it is right for your business. But unless you are staying current, you may never have the chance.

Take 15 minutes today, check out the news. What opportunities are out there for you?

P.S. – Let me add one more. Check out what a piece of cardboard can do. How can this fit into your business?

Photo (CC) by One Way Stock, on Flickr

Knowing what your customer wants is the base to building a successful business.

Of course, you still must meet that need, let customers know you have what they want, and price it at a level that customers feel is acceptable. But the process begin with knowing the problem they are trying to solve.

Market research is how to get the answer to this question.

Small-business owners need to use market research. When doing so, they also need to remember that all customers are not the same and that desires change through time.

Examining and understanding each part of the demand for a business’ services and products will help the owner be far more precise in understanding and planning how to meet the demand. Just like owners know that customers have a variety of responses in terms of acceptable prices, customers vary in the specifics of what they want.

To understand the idea of market research better, let’s look at food-related businesses.

People need food to sustain themselves. Thus, the need is very basic. Yet the demands for food can take a variety of paths, which offers business owners various opportunities.

When thinking of the opportunities, an owner might begin with the foods your customer grew up with in terms of heritage, culture and local offerings. This is only the beginning today, however. Now some people want to experience new things. Others would like to do it themselves, while some want the foods already prepared. Of those who want it prepared, some want to do the final cooking at home, while others will get it from a full-service restaurant.

So one desire can turn out to be multiple desires and multiple opportunities for a business. This does not even take into account the fact that for customers, the choices aren’t an either/or but are somewhere on a continuum. 

As a market researcher, you shouldn’t stop there. You have individuals who need certain specific diets and others who just desire such a diet. You also have people who want the items grown locally and those who are happy to accept getting what they want from whatever source that will provide it.

Market research can find these niches. Each one may (emphasize the “may”) be an opportunity for a small business or a new line for an existing business. Knowing what the customer wants may not tell you a specific business to start. You still need to determine which of the opportunities is the best for you. 

Market research is not a one-time task, though. Times change, people change and our worldview changes. People age and travel, and technology brings new ideas. Thus, an opportunity today might not be there in five or 10 years. Look at restaurants that come and go. Think back to what grocery stores offered 10 years ago to what they offer today. Or go to a different region of the country and see how a grocery store’s offerings differ just based on regional differences.

Being successful in business means knowing what the customer wants. Knowing what your customer wants comes from ongoing market research.