6A Identifying Opportunities in Economic & Regulatory Trends

Economic Trends

1).  Belief- Increased demand for city workers after Irma to restore roadways and electricity.

A). The information that led me to this belief was in one of the local articles that I read about and 

how much money it was going to cost Florida to fix all their problems that they are facing.

B). What leads me to think that this opportunity exists is that this hurricane did a massive amount of damage. It tore up trees, broke limbs into the streets, damaged homes, and left hundreds of thousands without power.

C). The customer will be the city workers and the electricians they were working insane hours and were constantly working. Also, if you had an elderly neighbor or someone that could not manage their landscape you could do it for them so they wouldn’t have to pay the high rates.

D). Because of the size of this hurricane and the total area that it covered with the effects it had I feel like this opportunity is easy to exploit. There is such a demand for these services that everyone will want it. People want their power back on and others don’t want to cut down trees.

I could form this belief because of my hands-on experience with hurricane Irma. Some of my neighbors are elderly and they cannot really take care of their property so I went over there after the hurricane to clean up their yard and remove trees for them. I also saw that one of my neighbors had her lawn care service outside her house the very next day in the morning to fix her place back up.

2). Belief- Moving advertising landscaping opportunities to the suburbs because of the millennial movements.

A). I found this information when I was reading about how millennials are starting up more businesses than the boomers and are starting to move to the suburbs more.

B). I feel like an opportunity exists because with these large movements the more people that see the advertisements the more business they will have. In this area, you also have a wide range of people so you could have things that apply to both young and old.

C). I feel like the customer that it would appeal to the most would be the millennials. Because living in the suburbs you must follow specific codes and if you break them you get fined. With this they could just pay someone to do it so it doesn’t affect their busy schedules.

D). This opportunity would be easy to exploit because there are constantly new suburbs going up. Also, that is the living space that most people want and usually their day is super busy so they don’t have time for the other stuff.

The reason I could form this belief was due to my neighbor. They have a successful lawncare service and they do all the suburbs. When he first started the company, he went to these places to get the word out about his company. Also, others might not see a need for a lawncare because they do not see this as a hassle and have time to accomplish all their work.

 Regulatory Changes

1). Belief- With the new DOL regulations there will be new rules for businesses and their employees.

A). I was reading information about finances and saw that with the new DOL regulations they are going to inspect businesses more. This regulation deals with overtime and the wages that they pay their employees.

B).  An opportunity might exist here because of the new procedures that they will have to follow. With a problem, there is an opportunity for it to be fixed or changed. Business owners will have to start to make decisions about their employees and their payment methods.

C). The customer that would be most interested in this new opportunity would be business owners. They will want to take the advantage to not get in trouble with the DOL. They will look for ways to maximize their money and their total employee’s outcome.

D). I feel like this would be a hard opportunity to exploit because of the fact of dealing with the DOL. The Department of Labor has strict rules that every business must follow and abide by and if they don’t they will get fined. Also, this would be hard to exploit because there are already companies that do this job.

I formed this belief from my previous experience with my internship. The Department of Labor had to change somethings here and this made them change their ways. Somethings though needed to be further explained out that having a different company or group would have been helpful. Others might not see this opportunity because they understand everything all at once and don’t need the explanation.

2). Belief- Small business will seek advisement for other companies on FASB new standards.

A). I found out this information when I was reading the information on the DOL regulations. Then, I made a comparison that with these small businesses they usually need help getting started. So, with new higher standards it would be tougher.

B). The reason why this opportunity exists is because of the fact that new businesses are constantly being formed. Then the companies will not know the new standards so with the help from the other companies they will be able to stay up and run.

C). The customer that this would apply to the most would be new small business owners. Rules and standards are constantly changing and they need someone to keep them updated on these changes.

D). I think that this opportunity would be easier to exploit. There is an abundance of small business opening all the time and they all need help with these things. They all focus on the same goals and need advisement when they are starting up their company.

Forming this belief was from a bystander’s experience of my neighbor. They were in the process of opening a new company when they forgot to do some little details. They had so many different tasks on their hands that they forgot to do some small details to meet the standards so they lost their business. I feel like others don’t think of this because they do not look at all of the outcomes before they get started in their new company.