Ever thought to yourself “why doesn’t this exist?”. Before you dismiss the thought and get on with your day, you could actually be onto something. Something big.
Is there something you buy that you find yourself customising? Are there instances where you settle on a product or service but wish it did just that little bit more? There’s a real chance that others out there might share similar feelings and preferences. You could be sitting on an idea that others will love.
Another way of identifying gaps in a market is by looking around your area and asking yourself what is missing. What type of business, whether it be a product or service, requires you to travel out of your area to get to? What would be far better if it was nearby?
Search for local petitioners, community groups, read the local newspaper or listen to a bit of community radio to see what people are talking about. What is a current problem that needs solving? What is lacking in the area? People don’t hesitate to talk about what plagues them, so treat the venting as valuable information that may lead you to a great idea.
Already own a business but want that point of difference? Speak with your customers. Create a crude version of a survey that people can complete. Prod and probe for feedback to see what customers would change/add/improve on if it was up to them. Someone’s throw away comment could be your next big money maker.
Business ideas don’t have to be original in nature or a reinvention of the wheel. It just has to be something that people want or need. Many successful businesses are old ideas that are improved on ever so slightly.
There are many ways to identify a gap in the market and inspiration comes from vastly different and often unexpected places. Most of the time it’s to scratch your own itch and while we like to think that we are special and unique, often our interests are far more common than we like to believe.
Time to awaken the senses and have a look around you. Opportunities are within reach.
Case Study – Episode 7 – Livewire Studios in Ulladulla
Owner K-m was able to see that there was an opportunity where no other businesses were operating in the area that offered similar services to what she was hoping to provide. K-m could see that something was missing and took advantage of it. While this can be daunting, as pioneering a new space has a degree of diving in blind, the upside and opportunity can be great.