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- Jul 6, 2018
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I understand the path your mind is going down, you're looking for the business where finding competent staff is the easiest. But if you take a look at those businesses, is it any surprise that those are some of the most competitive local industries?
Of course not. If you look at companies which have succeeded in complex or competitive markets over time you'll notice that they typically have solved a complicated problem. In this case finding and training nurses to take care of people in senior homes is tough, you're exactly right. But that's why most senior homes suck and there is often an opportunity for a talented entrepreneur to come up with a better solution.
The path of least resistance is typically only the path of least resistance in the earliest stages. After which you're met head on with a swarm of competitors who also took the path of least resistance, which isn't to say that you can't succeed in any of those markets. But there are other problems in these businesses and unless you have something that you can bring to the table that's better than the other business owners in your market, how do you expect to win?
I've run a business in a field similar to those listed where finding and training staff is easy and you can do really well, but I'm not convinced that it's any easier than going into a field where finding employees and scaling it is harder. There are different challenges. Your goal as a business owner is to find a solution to a problem that others in your market haven't and then to exploit it to the maximum, at least that's the way I see it in these local market businesses.
If your set on doing a service business like this, just pick a service that you can offer year around where there is competition that you think you could beat and the financial upside is worthwhile. "Best" is extremely subjective and you're the business owner, decide yourself and get started sooner rather than later.
Of course not. If you look at companies which have succeeded in complex or competitive markets over time you'll notice that they typically have solved a complicated problem. In this case finding and training nurses to take care of people in senior homes is tough, you're exactly right. But that's why most senior homes suck and there is often an opportunity for a talented entrepreneur to come up with a better solution.
The path of least resistance is typically only the path of least resistance in the earliest stages. After which you're met head on with a swarm of competitors who also took the path of least resistance, which isn't to say that you can't succeed in any of those markets. But there are other problems in these businesses and unless you have something that you can bring to the table that's better than the other business owners in your market, how do you expect to win?
I've run a business in a field similar to those listed where finding and training staff is easy and you can do really well, but I'm not convinced that it's any easier than going into a field where finding employees and scaling it is harder. There are different challenges. Your goal as a business owner is to find a solution to a problem that others in your market haven't and then to exploit it to the maximum, at least that's the way I see it in these local market businesses.
If your set on doing a service business like this, just pick a service that you can offer year around where there is competition that you think you could beat and the financial upside is worthwhile. "Best" is extremely subjective and you're the business owner, decide yourself and get started sooner rather than later.