"The Innovative Marketplace Christian - Blog Hosted by Rick Hubbell"

Welcome back. (Part 3 of “The Fright” MY story, on Tuesday…)

On this very blog, we are beginning to share CONCRETE, PRACTICAL and EXCEPTIONALLY POWERFUL tools, tips and training for Christian business people - one of the greatest needs across the body today.

So often, aspiring Christian entrepreneurs get sidetracked by too much counterproductive activity, poor counsel - though often well intended, and lack of the right information. If you are an entrepreneur called to the marketplace - you will find some solid helps here.

If you happen to know someone else who is…please refer them to our blog and site. We have a growing arsenal of excellent tools as you’ll see if you check it out (www.ti-mc.com).

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Now on to today’s tip for entrepreneurs. An acronym of three crucial steps to launching a successful long-term business:

ICC…

I  - Identify

C - Connect

C - Confirm

Identify your market opportunity by performing a gap analysis. Yes - some Christians are too ’spiritual’ to bother with such practical things. This is part of the reason that 99% fail.

If there is no gap ; there is no need for your product or service. That simple. Countless others have spent billions of dollars proving this out, answering questions that people are not asking. Do NOT be among them.

What’s a gap analysis and how do you do one?

They can vary radically in complexity, but here are some basics:

Gaps are opportunities that exist all over the place; whether or not you know how to locate them. The gaps I’m talking about are the one’s your company is going to fill - your market opportunity.

Some are quite obvious, such as the customer service gap at many enterprises that have overly outsourced call-ins to either a totally automated system that their customers despise, or to those who speak English so poorly it’s maddening. (That is also a communication gap. :))

Some markets have a supply gap, meaning that one does not have to create a perfect enterprise to out-compete all the rest, just GET IN THE GAME; though these are difficult to spot and often filled in quickly. For example, expertise helping companies leverage social media marketing.

Frankly, there is still a shortage of bonafide experts to address this skyrocketing trend. If you have expertise there or money to invest in that direction, you would be on solid ground. (How you execute, however, might determine the difference between success and failure, even if you are well positioned in a gap.)

There are innovation gaps, improvements that can be made to existing products that create entirely new market opportunities. Consider all the ipod docking stations, for example.

There are gaps created by macro trends such as everyone’s desire to have things faster and cheaper all the time, the aging population or sugar free living. Or how about going green?

There are supervalue gaps, such as the multi-billion dollar “private labeling” trend. Do you remember when “generic” drugs or “store brands” were considered inferior? No longer. Your friendly chain grocery store now offers premium ice cream that competes with all but the best niche brands and costs significantly less.

There are quality gaps. Maybe you make better muffins than all the local bakeries and coffee shops in your area, but no one knows about you. Perhaps your market advantage isn’t almighty price, but quality. (Be careful here as markets have ceiling prices for various items which can be tricky.)

There are style gaps. Does the world really need another burgers and fries chain? According to Five Guys, the nationally growing burger sensation - YES. Their stores have a different look and feel as do their burgers and fries. The result - a growing phenomenon, despite a market crowded with seasoned veterans and seasoned fries.

How about user-friendliness gaps? Why, when Microsoft created the Microsoft Office platform, were the shelves of local bookstores suddenly crammed with new books on how to use it? The answer - a user-friendliness gap with functionality and documentation.

Ever seen a management gap? A group that actually has a good product or service that is positioned well but an enterprise that is managed poorly. Perhaps there is a buyout or direct competition opportunity created by this gap.

How about a geographic gap such as the fact Chick-Fil-A hasn’t significantly penetrated the West though most locations in the East are thriving. What businesses do you know of that haven’t seemed to penetrate your geographic market yet but you think could do well. (We opened a franchise location of Planet Smoothie many years ago in accordance with the ICC principles I’m sharing and it thrived. More on that next post.)

Maybe you’d consider a price gap, an expertise gap, a manufacturing gap or some other gap, but put your thinking cap on and open your eyes as you prayerfully consider what’s in front of you.

What legitimate gap do you see, digesting all relevant information available? Therein lies a market opportunity - perhaps YOURS.

Blessings to you, your family and upon your endeavors,

Rick for Ti-MC