Promising Business Niches: What To Factor in When Making Your Final Choice
The world is constantly evolving. People, promising business niches, and key business principles are changing along with it. We have asked Ivan Kroshnyi, businessman and investor, to tell us how he sees the business of the future.
I am keeping close tabs on the trends, and am on the constant lookout for new ways to expand business. That’s because an entrepreneur who is not evolving, isn’t scaling up their business, skills and themselves is the entrepreneur of the past and inevitably falls behind. I keep my eyes on the future instead and make sure to integrate it into my businesses today.
Smart solutions, sustainability, and biotechnologies: Principles of the business niches of the future
I believe you have to stick to three main principles if you wish to pick a promising business niche. These include technologies, sustainability, and smart solutions.
I read loads of books covering technologies of the future, watch webinars and attend meetups where various startups are highlighted. The pace of scientific development unlocks new opportunities for entrepreneurs and you now have a unique chance to create a project, a startup that can make it big, generate solid dividends, and bring positive change into the world. I personally have no intention of missing out on the opportunities I see in front of me as a businessman. By the way, Dubai where I moved two years ago is an excellent launchpad for investment projects like that.
That being said, not only technologies are changing right now but also the business approach and ways we use to choose business niches. When picking the right niche or a project, you must analyze its financial prospects and the impact it will have on the environment.
That’s the rule I follow religiously. What’s more, this approach is one of the key principles to use when looking for suitable projects and launching them. It goes without saying that every human being is responsible for what is happening to nature. Trash left in the forests, plastic bottles drifting in the seas, etc. We know all of this too well. Businessmen and businesswomen have an even bigger responsibility to carry and I accept it gladly.
The third principle is about smart technologies. This applies not only to various technological solutions but also to the way we do life and business overall. We have to be smart about using our resources, time, and skills. Without using a smart approach to things, building a business is basically impossible especially now when there’s such a huge competition in the market and ideas and projects can become outdated in a matter of months.
What should you pay attention to when picking a business niche for the new project?
As I’ve mentioned earlier, now is a very exciting time. This is a time of mindblowing opportunities thanks to the rise of technology. That said, we should remember that this is also a time of great responsibility because the future depends on us more than ever.
I suggest that you base your decision on the factors listed below.
Sustainability. This extends beyond the environment. What I see on the news—the melting glaciers, icebergs breaking away, polar bears starving to death because they have got nothing to eat in the aftermath of climate change—once again reminds you about the implications of every decision and step we make. With that, the mission of my new projects is to preserve nature and opt for green technologies. Sustainability is also about health and lifestyle. It’s about taking responsibility, not being toxic, and working on your physical and mental health.
Risk diversification in business. The more areas are covered by the project, the more secure the business is. Health care and transportation continue to be economically advantageous. Amplified by state-of-the-art technologies, they enable you to receive excellent returns. Plus, there’s always enough room to grow, evolve and develop something new here. As far as the new businesses go, it makes sense to choose the one you can later transform into something else or scale up to balance the risks.
Profits. New business niches are less competitive and so you can earn bigger profits at the get-go. There are no business sharks there yet who ripped the market apart either.
I would also like to emphasize the importance of the team. This does not necessarily have much to do with the choice of the niche but it’s one of the pillars of any successful business. As a leader, I am responsible not just for myself and my loved ones but also for the team I am working with. An employee who is constantly stressed and worried that they will lose their job, or that the company will go out of business loses proper focus and can no longer give their 100 percent for the common goal as they are in a state of constant fear and distress. That’s why one of the reasons why I launch innovative projects is to help my team feel confident that we follow the trends and evolve. When launching a new project, you must have no doubts about its success and radiate that confidence. Last but not least, there must be true experts in the business niche you chose on your team.
How will principles of smart solutions, technologies, and sustainability be implemented in my future projects?
My team and I are working on implementing these principles in my future projects.
These include a Dubai-based charging station chain. We are planning to establish it to propel couriers’ transition from gasoline-powered vehicles to electric ones. Since we are talking about couriers whose time is literally money, we have slightly adjusted the operating principle. You won’t have to wait for the battery to charge at our stations: you can simply replace the dead battery of your eco-friendly vehicle with the one that’s fully charged. On top of that, our customers can purchase a package of services.
Another project I will be talking more about going forward involves bioidentical hormone pellets. Health care and beauty are a new business niche for me but I find it fascinating. A retreat center in Bali belongs to this industry as well. So far, I can only say that this will be a unique place with a twist.
Smart living is about responsibility; it’s about the way we approach life, the environment, and ourselves. If you are starting your own business right now, don’t be taken aback by responsibility—take it, and don’t let the urge to snatch quick profits at the expense of the future get the best of you. Do not contaminate the planet—and your own head—with junk. What’s important is to learn to see what really matters and choose the right path to your goals so that you can actually take pride in your achievements.
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