As we start to wind down after a busy year I take some time to reflect upon the most opportunities I found during the year. In business we hear many sayings like “find a niche market” Or “be first to market.” For me it is a mix of both and sticking with the trends.
Often you need to trust your instinct and be prepared to take a chance. So far this year:
1. Chip technology has become really difficult and tricky. The OEMs are being very clever in their designs. Make sure you partner your business with the correct company which respects the OEM patents and dominates the market;
2. Understand different market trends. Think of a fish out of water: it will not survive. So do not try sell products you know nothing about in a market you don’t understand. Spend time researching areas and building relationships;
3. Wide format inks have proved extremely profitable. Align yourselves with companies with a trusted brand that you can use as referrals;
4. High end copier products have been very successful, due to there being almost zero Aftermarket competition and yet still give good margins when it comes to selling against the OEM;
5. Exhibiting at trade shows has proved to be great for company exposure and brand building. These events also allow you to meet prospective suppliers. I encourage more companies to think about exporting goods as well as selling to their local markets. When the one market is bad, the other will most likely be good. Speak to government, as I have found they sometimes offer subsidies and support for trade shows.
This is what I have learnt in 2016. Sometimes it comes at a price, but if you continue to focus and stick to your plan it will pay dividends in the long run. I wish my readers a good end to 2016 and a brilliant 2017 ahead.