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Identifying Opportunities in the Market

Learn how to identify opportunities in the market.

It is now time to identify an opportunity in the marketplace. This should be done by combining your own knowledge and passion about the wellness industry and everything you’ve learnt so far.

Some entrepreneurs have a very clear idea of the type of business they want to build, right from the start. Often this is inspired by a personal experience, a frustration, or something they’ve considered to be missing. This becomes the seed of an idea for building a solution that others might also be looking for.

However, not all entrepreneurs start out with a crystal-clear business idea. Sometimes, you might know that you want to launch and build a business but just aren’t quite sure what it’s going to be. In this instance, you can start to utilise the picture you now have of the wellness industry to identify unique and exciting opportunities in the marketplace.

There are plenty of angles from which you can brainstorm new business ideas, some of which we’ve listed below:

  • Think about a pain point or frustration that you personally have encountered when it comes to personal or collective wellbeing. For example, have you struggled to find tasty food products that meet certain dietary requirements you have? Could it be that you have been frustrated by a lack of venues for participating in a particular style of exercise that you enjoy?
  • Think about a certain category within the wellness industry that both intrigues and excites you. For example, personalised nutrition could be something you find fascinating, or you might be intrigued by technology and how it can positively or negatively impact our mental wellbeing.
  • Think about a certain group of people that you’d like to help. For example, men who suffer from cardiovascular disease, or children who struggle with sleep or anxiety.

One final consideration that many new entrepreneurs overlook, is that you do not have to come up with a completely new idea to launch and grow a successful business in the wellness industry. Here are a few more options that may not have previously been on your radar for you to consider:

  • Take an existing business concept that you’ve seen working successfully before and replicate it in your own area. For example, you might have seen an incredible gluten-free bakery concept or a destination for breathwork and meditation whilst on a vacation somewhere in the world and think that it might be popular in your own local market.
  • Take an existing business concept that you’ve seen working successfully and build on it or adapt it. For example, you might have seen a concept like healthy meal kits being sold in supermarkets and think that it would make sense to deliver them to people at home. Or you might have seen a wellness concept targeted towards women that you think could be adapted to suit an elderly or disabled consumer.
  • As an extension or alternative to these ideas, you might also consider the options of formally licensing an idea or opening a franchise. For example, if you’re passionate about fitness but do not want to create your own concept from scratch, you might explore franchise options such as F45, Barre3 or Heartcore. These are all business propositions that offer the opportunity to use an existing model to get you started.

What do you think?

What kind of personal frustrations have you identified that you feel passionate about solving for yourself and others? Go ahead and share them with your peers in the comment section below. Are there any overlaps you can see with the way others are thinking?

Is there a category of wellness that you learnt about in Your Future In The Wellness Industry, that you feel passionate about exploring further?

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Launching and Growing a Business in Wellness

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