6A – Identifying Opportunities in Economic & Regulatory Trends

6A – Identifying Opportunities in Economic & Regulatory Trends

Economic Trend: Business Coaching

http://www.actioncoach.com/what-is-business-coaching/

• I believe the opportunity exists because small business with very few employees will likely come across areas in which they have no expertise in and instead of hiring a full-time employee to handle it, they can hire a coach to help them for a short period of time.
• The typical customer would be a small to medium sized business.
• Its relatively easy to exploit because smaller business will lack expertise in certain areas, and hiring a coach would help them learn and develop those skills.
• I came across articles mentioning it and I researched it a bit and found that it could be very helpful to small businesses.

Economic Trend: Small Business Going Global

https://www.score.org/blog/look-out-world-small-businesses-are-going-global

• I believe the opportunity exists because there are way more resources available for small business to use that allow you to sell your product internationally.
• The typical customer would be small businesses.
• It is relatively easy to exploit due to the rise of Amazon, eBay and other resources that make it easier for small business to go global.
• I came across articles explained how international sales for small business have been rapidly increasing in the last few years.

Regulatory Changes: Legalization of Marijuana

http://www.businessinsider.com/marijuana-california-weed-legal-economy-2016-11

• I believe the opportunity exists because more and more states are legalizing it for medical use, including Florida, while others states are also legalizing it for recreation use. 
• The typical customer would be anybody over the age of 21.
• It's going to be hard to exploit because competition most likely will be high and some states have regulation on how much you can actually grow.
• The market is expected to grow anywhere from 30 to 60 percent a year in States that have legalized marijuana completely. 

Regulatory Changes: Raising the Minimum Wage

http://www.sun-sentinel.com/business/careers/fl-florida-minimum-wage-20161017-story.html

• I believe an opportunity exists because it would benefit a high portion of the population.
• It would benefit a lot of people in the poverty, and young workers just starting out.
• It would be easy to exploit because anybody making minimum wage would automatically benefit from the regulatory change.
• Minimum wage would help increase a lot of people's buying power.