An ageing population could provide the perfect business opportunity for entrepreneurs to start up in business or change their business model to fit that niche market, writes Alex Wright.

That is according to Vincent Savery, assistant statistician at the Department of Statistics, who was presenting the findings of his research at the Bermuda Small Business Development Corporation's (BSBDC) seminar held yesterday.

Mr. Savery explained how statistics could be used to identify potential business opportunities, citing Bermuda's ageing demographic as an example of where small businesses could benefit from a change in consumer patterns.

He said that the elderly and those that cared for them required particular services, many of which were relevant to Bermuda and its service industry, while there were little or no start-up costs involved in providing them.

"You could start up an errand business collecting medication or groceries for seniors, or a carpentry business changing the level of surface tops around the house, or a business offering beauty treatments such as hairdressing," he said.

Among the key statistics his department holds, Mr. Savery said, were figures to help entrepreneurs determine average working hours and wages, the competition out there, spending patterns for price pointing particular items and target markets.

"The ageing population is just one example of how statistics can be used to spell out business opportunities for entrepreneurs," he said.

MindMaps' CEO Nosheen Syed and director of research Leslie Steede then focused on the importance of information gathering to work out customer demographics and service provision through qualitative research in the form of focus groups, telephone surveys and mystery shopping, as well as utilising comment cards to gain feedback.

Ralph Richardson, president of Mavern Concepts, and Anjula and Ashley Bean, owners of the Juice N' Beans Cafe, also gave presentations at the event.