Opportunities for starting a horse business are external factors; that is, factors outside of your internal planning that could affect your plans. When searching for Opportunities for your horse business, the following factors should be considered:
A. Competitor Changes: There may be changes in the nature of your competitor(s) that open an opportunity for you. Keep in mind that the majority of horse related businesses are independently owned and not chain-type establishments or company-owned. These independent business owners are subject to, employment transfers, aging, personal health issues, and marital status that may cause their business to close, wind down, or limit the products or services being offered. Your competitor(s) may also present an opportunity through no fault of their own due to zoning changes or some other governmental regulation acting upon their business. The matter could be as simple as losing a lease.
B. Geographical Changes: New developments and subdivisions may open new markets further away from a competitor(s) location.
B-/C+. Time and Convenience: Whether this is due to geographical changes in the market (location) or due to changes in the wants and demands of your customer base (psychographic), time and convenience are major factors in the purchasing plans of many consumers. No matter the business, customers are typically pressed for time and seek the most convenient ways in which to meet their needs. Know your competition and learn about the products or services they offer and which products and services they do not offer. Determine if adding an additional service (pick up and delivery) or an additional product line can make your horse business a time-saving convenience for your customer.
C. Psychographic Changes: Your customers may have changed over time and being seeking a different equine experience from what your competitor offered years ago. They may be seeking a barn with more amenities, more room for trail riding, or products not currently being offered. These changes occur naturally and over time for all businesses as customers seek new products and services.
D. Financial Changes: An opportunity may present itself in the form of a partner or investor that is ready to work with you at the moment. Your potential partner may bring a needed skill--computer programming knowledge, for example, that may make opening an online store more feasible. Land or a building may become available under terms that make your horse business more feasible.
List your opportunities and make sure they relate directly to the business are proposing.
Rank your opportunities from most to least promising.
What opportunities do you see that provide a basis to start your horse business?
If you do not see an opportunity presented to you, can you identify the realistic opportunity that you want to find?
Can you reposition yourself or your business concept so that it easier for opportunities to find you?
Note: Being available for an opportunity and making it easier for the opportunity to find you will be directly related to improving your Social Capital and networking strengths.