So I get the Barrons magazine (print version) sent to me every week and was reading an article about Francesca’s Holdings — a specialty retail boutique store.
Here is the article…
How many of you can spot the need buried in the article?
This is a perfect example about how Fastlane businesses are born … not “do what you love” or “following passion” — but needs and solutions that others demand.
The NECST run down…
- The “Need” is defined in the article (Can you find it?)
- Entry is the complicated solution to solve the problem. (Which admittedly isn’t easy – the solution would probably take several years to solve - this makes the opportunity Fastlane. “Money-chasers” ignore the industry and the opportunity because they are too busy chasing easy money, easy solutions, and drive-through success. “It’s too hard!” is the opportunity.
- Control is the complicated process by which the problem is solved. (Distribution is a tough racket, with big entry barriers; just look at Amazon) Yes, it won’t be easy!
- Scale is by virtue that everyone in the business would not only use it, but they would love it.
- Time would be the last to be solved – after solution is created and adopted by the industry. (Again, several years.)
This is just one of the many examples of Fastlane opportunities that are ripe for further investigation. I’m amazed (over at TheFastlaneForum.com) at how many people say “how can I spot needs?” – I SEE SEVERAL EVERY DAY.
Can you see this one?
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