Starting a new business can be a very exciting event for everyone, whether it is someone’s first start up or the 100th.
One of the first things to consider when opening a new business is the demand for certain products or services within the business’ service area.
The level of competition is also important as well. Both of these will indicate whether or not a newer business has the ability to thrive. Within the Bahamas there are many different markets and opportunities for new businesses, but it must be remembered when deciding on a business model that some markets are excessively saturated.
Recipient of the 2011 Visionary Award, Leslie Vanderpool, Founder and Executive Director of the Bahamas International Film Festival (BIFF). Photo courtesy .thebahamasweekly.com
Great Business Models Right Now
Currently, one of the hottest ideas for a new start-up venture is a destination wedding planning service. Destination weddings are trending right now, as more and more people are tossing the traditional “at home” wedding for a more exotic alternative.
Since these couples are tourists, they need assistance in finding venues, catering, honeymoon ideas, and much more.
Opening a restaurant is another wonderful idea. However, this one really does teeter between successful and unsuccessful. It all depends upon the cuisine served and value for the price. Online visibility by utilizing a high traffic website such as a Bahamas classified platform can help to bring in customers, advertise specials, and even help to find great employees on short notice.
If the previous ideas do not interest you, perhaps a gift shop might. A gift shop with local items such as crafts, antiques, artifacts, natural items (such as sea glass, coral, or shells), and other interesting trinkets would give a local gift shop a truly authentic feel. Tourists are always looking for souvenirs that carry the spirit of the Bahamas!
Saturated Markets
Many business markets are currently saturated within the Bahamas. Luxury items, such as jewelry and high end fashion, are currently offered widely. Grocery stores are also rather saturated, offering a lot of fierce competition to any newcomer.
In addition, the liquor market supplies demand very well, and further consolidation among this market is expected. This is only a taste of the many saturated markets within this Caribbean paradise.
The Bahamian Dollar. Photo courtesy www.123rf.com
Researching the Market
After a business model has been decided on, the market should be closely monitored for any detailed demands by tourists or locals. This includes specific items or services, as well as demand trends throughout the calendar year.
This will not only give a new business owner an idea of what revenues the business can generate, but what times during the year that the most business will occur.
Finding the busiest time of year is highly important as well; launching a business shortly before the busiest season will allow the business to root itself in the community very quickly if it is successful.
It should also be made clear whether the business will target the international tourists, or if it will be geared towards locals and daily life. The targeted audience can have an immense effect on what items the business will carry or the services that it offers.
Author Bio: Jason Adams is an inbound marketing strategist at Cypherware, Inc. He enjoys blogging about travel, business, marketing and technology.
