Like Richard Branson and Virgin Galactic, Seek New Business Markets

With the anticipated first flight of Virgin Galactic ahead, entrepreneur Richard Branson has inaugurated a new market for space tourism, one that has already attracted 500 customers who have made deposits for the first seats on his SpaceShipTwo. Though you may not be building your business in outer space, or even in sub-orbit, seeking out new markets can help your small business boldly go where none have gone before, finding new customers and profits on a new frontier with few competitors. Here’s more:

Finding New Frontiers

Virgin Galactic gets FAA clearance for test flight. British entrepreneur Richard Branson’s Virgin Galactic received a green light recently from the U.S. Federal Aviation Administration to test SpaceShipTwo, its six passenger space craft. The company plans to sell tickets at $200,000 per seat for future suborbital flights. What totally new markets are you exploring for your small business? Reuters

Branson says new ideas come from filling a need. It may seem that new products for never before imagined markets come by magic to some entrepreneurs, but at a recent press conference launching the Virgin Strauss Water Company, Branson said sometimes the best test of whether there is a market for a new product is whether you want that product one for your home. The Independent

Sir Richard touts small business. And who do those new ideas come from? It might surprise some to hear Sir Richard Branson, a billionaire tycoon on the verge of launching a space tourism industry, tout small business. However, Branson himself was an upstart entrepreneur once and recently criticized political leaders for not giving adequate support to small and medium-sized businesses, which he calls the engines of any health economy. The Guardian

Tips for Seeking Your New Market Niche

Get out of your rut. Get help and some new ideas, follow the leader (and then zag!), and engage with customers to find the truth. These are just a few suggestions from Internet entrepreneur Nick Loper, in a guest post about how to find a whole new way of doing business. Other advice includes taking some time off to reflect on a new direction. The Frugal Entrepreneur

Develop some creativity. Whether your workplace is a small office, your living room, or the kitchen table, infusing your business with creativity is the key to innovation and new ideas. Here are some important tips that should help you and your employees to break out of your mold and get the creative juices flowing. Participating in social networks, changing your surroundings, and getting more input are all places to start. Buzz Small Business Magazine

Employ the wow factor. Business consultant Paul Castain outlines one of the simple ways to turn an ordinary service into an extraordinary customer experience—a simple way to separate you from the crowd and from what any of your competitors are doing. Here Paul talks about the night he arrived at his hotel to discover he had been designated “guest of the day.” How can you make your customer’s experience similarly transcendent? Sales Playbook

Look for untapped customer bases. Shashi Bellamkonda recently got a pedicure, not something that most  males do, but maybe something they should. The fault, however, may lie with the nails/manicure/pedicure industry for not making more effort to target this untapped market. Check out some suggestions Shashi came up with while getting his pedicure done. Do you have an untapped customer base you haven’t explored in your business?  Small Business Trends

Find a fresh set of eyes. BizSugar contributor of the week Robert Peters founded his business, Fresh Eyes Consultancy, on the idea that everyone could use some help when it comes to a second opinion on their business. He helps entrepreneurs create the perfect customer profile, choose a marketing strategy that brings results, and avoid the feast and famine cash flow cycle to transform their business effectively. Who can give you a second opinion on your business? BizSugar Blog

Reach a whole new audience. Martina Iring suggests that guest blogging is much more than simply a way to increase your traffic online. It can be a way of reaching a whole new audience that has never been exposed to your message or brand. Are there other ways you can think of to expose new potential customers to what you offer? There are many ways to find a new market by simply talking to a different audience. Small Business Bliss

Do some research. You’ll need more than an idea to launch a business in a new market successfully. It is essential to do research to determine whether a good market exists for your business and to see if that business has room to grow. Successful new markets are discovered at the point where great ideas and in depth market research meet. You will need to seek new and profitable places for your business to expand.

5 Reactions
  1. I’m reading a book about Sir Richard Branson at the moment. The author makes a big deal about how Branson goes into complacent markets were the big companies are lazy and not offer value to their customers. I think this is something small businesses can do to. You don’t necessarily have to find a whole new, untapped niche. Just a market where you can do it better than most everyone else. Thanks for the post.

  2. Thanks very much for including my post in this awesome list of resources! Cheers

  3. I’m hearing that Maurice G. Dantec (author of Babylon Babies) is publishing in September a sequel (Satellite Sisters) in which Branson and other private space pioneers will play important parts…

  4. @ Watsilavit
    That’s great ! ! ! But this book will be in French, right ?
    I liked Babylon Babies so much. Do you know if some translation will occur ?

  5. @Bob — I dunno: probably, if the book is as good as Babylon Babies, — which was translated in English (MIT Press) and in several other languages.