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Author:  Rieva Lesonsky

Whether you already own a business or are just starting up, one of the most important skills for a small-business owner is spotting trends.

Why are trends so important? Tracking trends can tell you what business to start, what products or services to sell, what markets to target, where to locate your business and more. Here are some steps to becoming a trend-spotter:

1)  Read industry news. Regularly read key industry trade publications and websites. Join your industry association and participate in events that will keep you on top of trends. Sign up for e-newsletters or RSS feeds, and get the latest news delivered to your computer.

2)  Pay attention to your market’s interests. If your business targets tweens, for example, you should read magazines for tweens; visit the websites they frequent; and check out the TV shows and music videos they like.

3)  Go urban. Trends tend to start in big cities, so you need to watch what’s happening in key urban areas. New York and Los Angeles are the key markets in the U.S.; depending on your industry, you may also want to keep an eye on Tokyo, Milan, Paris, London and other foreign hotspots. Read their daily papers or major magazines to see what people are wearing, eating, doing and buying.

4)  Get out. Go where people gather—a mall, shopping area, public park or restaurant row—and just observe. What kinds of shops, products, fashions and foods do you notice? Choose a place where your target market hangs out. You’ll get lots of ideas from keeping an open mind. You can get information about factoring invoice, unsecured business loan, and small business loans

5)  Get a new perspective. Occasionally mix things up by getting input from a completely different world. For instance, if you sell baby products to suburban moms, reading surfer magazines or tech-gadget Web sites for young men could spark new ideas that will benefit your business.

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