Success in business relies on being able to find a service or product void and filling it. Far too many businesses fail because they have entered a crowded marketplace where market share is difficult to chisel away from existing players. However finding a under-served population is often the key to success.
I recently uncovered a tremendous underserved marketplace while doing research on Medicaid. It seems Medicaid recipients are no longer covered for preventative dentistry.
Do not stop reading if you're not a dentist. The theory here applies across business sectors. Also, instead of writing this off as an unprofitable demographic, connect to your creative juices.
New or struggling dentists could easily fill this void in several ways -- methods that extend beyond the field of dentistry. Here are just a couple of ideas:
Donate your services. Giving back to the community is a noble entrepreneurial effort. It may seem counterintuitive to the retailer struggling to stay alive or to the entrepreneur trying to pay their bills. However it is a great way to feel good about yourself while helping the community. You can view it as a networking opportunity for a way to build experience - either provides benefits to your business. A dentist selecting to go to group homes, special education classrooms, or senior centers do not just provide a valuable service to people unable to afford them. They make a lasting impression on managers, employees, and relatives of the patients.
Form a team. Coordinate a team of competitive or complementary businesses to help fill the void. "Doctors without Borders" is comprised of hundreds of experienced doctors giving their time to help underprivileged individuals in Third World nations. In doing so they have formed professional and personal bonds of great benefit to themselves as a support network, referral network, and mentoring.
You may enter this "Give Back" world with philanthropic motives or with the goal of building your business. It truly doesn't matter which is your motivation -- just do it. If your goals are less than noble once you get involved your heart will melt as you witness changed lives.
