New businesses don’t have to be entirely original. In fact, very few do something that’s unique, doing something no one else has ever done. What most businesses do is aim to put their own spin on their trade. For example, perhaps they focus on customer service or provide high-end products. But, some entrepreneurs want to identify a gap in the market. They want to meet a need that isn’t being fulfilled and perhaps try to corner the market before any competition comes along. However, achieving this is not easy. It takes insight and a lot of work to make something like that happen. Try these methods to identify that perfect gap in the market.
Use Personal Experience
If you don’t yet have an idea, you need to find inspiration. The best place to find it is often from your own life. You need to find the answer to a problem that people are trying to solve. If it’s a problem that you want to solve, you’re more likely to have insight into the issue. For example, you might have hunted high and low for a solution to your issue. You know what’s out there, and you understand the problem at hand. For example, in this article about Shofur, you can read about how personal experience informed the start of the company. A need was identified by the founder, and he took steps to fix it.
Look at Other Countries
When you spot a gap in the market, it’s not necessarily something no one has ever done. Someone may already be doing it, but in another country. People won’t want to wait for an existing service to make it to their country. Creating something new to do the same job can be an excellent idea. For example, Gumtree is the UK version of Craigslist. It doesn’t even have to be a service in another country; it could be in another city. Take food delivery services or rideshare apps, for example. Many start in different cities and might never operate in the same cities.
Know and Industry In-depth
Using your personal experience to spot a gap in the market is a good idea. But, you don’t necessarily have to correct a problem you’re experiencing yourself. It’s also useful to understand a particular industry in-depth. Preferably, it should be one you’re already familiar with. By keeping in touch with developments in the industry, you can spot trends and needs that you can meet.
Do What Someone Else Is Doing, But Better
Identifying a gap in the market doesn’t have to mean doing something new. Another way you could find your niche by watching others is to be better than them. Another business might already be doing what you want to do. But, can you do it better? Maybe you’re able to put more money into your business, or you want to take a different approach. It can be a viable way of finding your place in the market.
If you can identify a gap in the market, you could have great success. But, make sure there’s a demand for your idea or that you can create one.
Photo by Michael Ramey
Milo Senalle
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