Discovering the Untapped Blue Oceans in Your Market

In the latest episode of Keep What You Earn, Shannon shares a captivating exploration into identifying and seizing untapped market opportunities. As an experienced CPA and entrepreneur living in Guanacaste, Costa Rica, Shannon offers a fresh perspective on what it means to find your business's blue ocean—an unexplored area ripe with potential.

Living abroad, Shannon is consistently inspired by the contrasts between the saturated markets, or red oceans, that many of us are familiar with in the States, and the blue oceans of Costa Rica that await innovative entrepreneurs. The concept of a blue ocean, an idea popularized by the business strategy book "Blue Ocean Strategy," refers to markets that are not bloodied by competition and are ripe with demand and low supply.

In Costa Rica, Shannon observes this firsthand, both in simple comforts and in business innovations. A compelling example is the local appetite for comfort foods from abroad, which has delivered unexpected entrepreneurial opportunities. The absence of bagels, a staple in many American diets, led to someone creating a small bagel shop that mimics a drug deal in its operational simplicity and secrecy—meeting at cars, exchanging bagels in plastic bags for money. The uniqueness of this offering, compared to its commonality in the U.S., turns everyday items into rare commodities and profitable business ventures.

But Shannon’s observations extend beyond food. She discusses the simplicity and lack of technological integration in many local businesses. For example, her lawyer, who only recently discovered the convenience of Calendly through Shannon, has been manually managing appointments—an inefficient method when compared to the automated tools available. This revelation highlights the broader opportunity for digital entrepreneurship. Introducing and integrating simple software solutions could revolutionize efficiency and service quality for local businesses.

These anecdotes lead to a broader insight: sometimes, the true potential lies not in reinventing the wheel but simply transporting it to a new destination. Entrepreneurs often think of markets in terms of saturation with similar goods or services, yet many overlook how geographical relocation can turn a commonplace business into a communal treasure.

Moreover, these insights are not just limited to expatriates or those willing to move abroad. Digital businesses, in particular, have the unique advantage of transcending physical borders, allowing business owners to supply services or products to global destinations with unmet demands. This global perspective can redefine a business’s target market and growth strategy.

During the episode, Shannon also underscores the importance of technology in managing and scaling businesses efficiently—a lesson she embeds through her fondness for Kajabi, a platform that integrates several business functions into one streamlined service. The expansion into new markets doesn’t just increase revenue; it can significantly enhance operational efficiencies when proper technologies are employed.

Visit Costa Rica's setting, a country graced with natural beauty and a burgeoning expat community, has proven to be a fertile ground for Shannon's blue ocean strategy realizations. Yet, the takeaway is universal: observe, adapt, and implement. Whether by introducing a beloved food or simplifying appointment scheduling, blue oceans are everywhere—sometimes in the most unexpected places.

For entrepreneurs gleaning insights from this episode, remember, the key lies in identifying what is there, what isn’t, and the most effective way to deliver it. Achieving this might mean setting sail for literal or metaphorical new horizons. Global perspectives can uncover local opportunities just as local insights can inspire global ventures.

Thank you for tuning in to Keep What You Earn. We hope this episode not only enlightens but also encourages you to think outside the geographical confines of traditional marketplaces. Whether you're from Boston or Bali, the potential for untapped markets is as boundless as your willingness to explore them.

What you'll hear in this episode:

04:21 Discovering rare food & resources; different attitude.
08:48 Expand market, find unsaturated opportunities, serve needs.

If you like this episode, check out:

Investing in Businesses - What You Need to Know

Pricing Blunders That Could Cost You Thousands

How to Build Trust with Your Customers

Want to learn more so you can earn more?

Try Kajabi free for 14 days here: https://app.kajabi.com/r/zGmoZA9E/t/tsfmvbq4

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.