Too many start-ups play 'follow the leader' when it comes to their business ideas. You need to identify a gap in the market and come up with something original to fill it.
Most small businesses fall apart because they've failed to correctly identify their gap in the market. If the demand isn't there, then there will simply be no interest for your goods or services. Every start-up needs to find their niche, to carve a space in the existing market and set down roots so they can grow. If you're still looking for yours, here's how to go about it.
Simple as it sounds, begin by looking at the everyday problems you encounter and listing them. Is there anything out there which could solve that problem, or is it an issue which currently has no solution? If there's nothing to help you tackle it, then that solution needs to be invented. If there is something out there, study it.
Look at what already exists and ask yourself what they're doing well and where they're falling short. It's where they're falling short that you'll find your inspiration. Your product or service needs to fill those shortcomings, it needs to offer potential customers something new and better if you're to lure them away from the competition.
No emerging business will get anywhere without listening to its potential customers and learning from their feedback. Asking them why they stick with your competitor is a good way to find out what they do and don't like about them, and you can seize on what they don't like.
Work out how you can capitalise on their failings, by adding to what they provide or coming up with an incredible alternative. Think of this as swiping their idea and giving it your own unique and innovative new twist, offering something customers have never seen and immediately desire.
Once you've got your product or service in development, that customer feedback I mentioned earlier really comes into its own. They can give you the best advice on how it can be improved, what more they want to see from it. Remember that negative feedback is just as valuable – if not more valuable – than the glowing reviews.
Your gap in the market is providing the solution to a problem people never even knew they had until now. Watch the big trends and where they're heading. Watch the competition. Carving out your own niche is all about being alert to what's going on around you and jumping in before anyone else does.
Look at everyday problems and offer solutions
Research the existing market
Focus on where potential competitors are falling short
Listen to customer feedback
Watch the latest trends and stay one step ahead
