The Opportunity in Regulation
If there is one thing any British entrepreneur will tell you, it’s how much the government likes to have a ‘hand’ in how they run their businesses. As a non-Brit born entrepreneur operating in England, I do sometimes despair at how much regulation there is and how very little faith the powers that be have in our ability to be adults and run our businesses responsibly. I reckon it’s all about the old adage of “punish the group, instead of just the naughty.”
Unfortunately, until we can all put ourselves forward to be MP’s (and who really wants to?) - we have to grin and bear it. After a lot of thought on the subject and being quite bored from fighting it, I have to say that along with regulation... comes an element of opportunity as well. If you, in your industry or specialism, can find a way to work with the regulation and even find a window of advantageous possibility – you may well surprise yourself with what you find.
What do I mean by this? The one defining thing about regulation is...you have to do it. By businesses having to comply to some form of rule or regulation in order to operate, there may be an opportunity to provide a service or product that helps the business owner do this in a cost effective and painless manner. Most business owners are happy to pay for someone to ‘just sort it’.
Tips on How to Make The Opportunity Yours
1. Ask yourself: What regulations do you know of, that have recently come in (or are about to) and what do businesses have to do or change within their operation to comply? Also – when does the regulation come in (if it hasn’t already) and how much time do business owners have to get themselves sorted.
2. Map out what your strengths are and where can you help? Draft a service package or product outline of what you can do and/or provide and get some feedback from a few business owners to see if it’s something that they would find useful.
3. Research the size of the market and the potential for profit. Do some serious market research to ensure that should you embark on providing this product/service, there is definitely a good reason to do so!
4. Carefully choose the right partners and routes to market that will suit your service/product and maximise the opportunity for your business.
5. Be smart: Automate and outsource how you can provide this product or service! This will help create a ”bolt-on” revenue source that will add value and not drain your current business.
Always remember to apply the smart principles of franchising behind every new element you want to add to your business. Why? Because the basis of franchising is that it doesn’t need you in the model – it runs itself or is easy to teach someone else to do.
Copyright © Shelley Pearson 2010
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