Encouraging younger people to become involved in entrepreneurship by holding business idea competitions is, in my opinion, one of the best ways to innovate o
How to Find & Exploit a Gap in the Market (for Small Business Startups)
Being an entrepreneur is exciting because finding gaps in the market is a tricky challenge that can lead to great rewards with exciting new business ideas and opportunities.
Once you have an idea, challenge it. Break it down. Make it better. Throw it away. Start again. Fail. Fail. Fail.
Until you succeed.
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Whatever you can imagine, you can do. Provided you have the drive and determination to see it through.
In the spirit of exploring side hustles and business ideas, I recently had the pleasure of being introduced to over 50 new startups that have isolated a 'gap in the market' and gone for it. I thought I'd share a few of my favourites here.
Definition: Gap in the Market Idea
A gap in the market idea can have one or more of three attributes. Namely,
- It is something new and original.
- It improves on something that already exists.
- It takes something that exists and finds it a new market.
Generate Your Own Gap in the Market Business Ideas
Follow the simple creative heuristic algorithm to find new gap in the market business ideas tailored to you.
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Get an idea of the potential size of the existing market (if any) using SEMRush and Google's Keyword Planner.
Quickly find out if you can drive interest and/or sales with CRO (Conversion Rate Optimization) using Leadpages and Google Ads or Facebooks Ads to drive traffic to your landing page(s).
Decide, based on conversions, if the idea is viable and worth investing your time, money and effort.
Where to Look for Gaps
There are a few strategies you can use to help spark ideas that can leverage gaps in the market that no-one else has discovered. It does mean immersing yourself in news (especially if it's related to your niche), so don't expect this to be a passive process. It takes a bit of time and effort to explore, learn, research and eventually, discover.
1. Trends & New Technology
Technology & trends are moving so quickly that new opportunities are popping up on a daily basis. Keep an eye on new trends (what I call, rising columns) and think about how they might impact the way in which society works.
Take drones, for example. There are so many uses for drones that individuals and companies are investing in them heavily and sales are skyrocketing. What business opportunities does this create? Well, for a start, someone is going to have to maintain and repair these machines because they are prone to damage. Setting up an online drone repair business now might allow you to capture and ride the wave of drone technology growth.
Gap in the Market Secret #1
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2. Make the World Local
There are hubs of creativity around the world. Silicon valley is famous for tech startups and innovation. Stuff happens here before it happens anywhere else. Watching what happens in these centers of creativity means that you might be able to bring new products and services to your region before the original company can expand there.
3. Creative Combinations
Blockbuster video is essentially dead. Killed by DVD rentals that leveraged streaming technology, which meant video rentals could be accomplished without driving to the store. New technologies don't always have immediately obvious benefits, but try combining something new with something that exists to come up with creative solutions that can make life easier or streamline businesses.
For example, solar panels aren't particularly new. Shaded parking lots aren't new either. But, combining them into solar powered parking lots means that malls could offer shaded parking with electric vehicle recharges, power themselves and earn additional revenue by putting power back into the grid. All they need is a plucky entrepreneur to sell the concept and system in a way that makes it profitable and easy for them.
4. Hidden Industry Opportunities
Many gaps are not obvious to anyone but industry insiders.
Take the mining industry, for example. Every time the government changes regulations, mining companies have to alter the way in which they comply. Some companies are still performing compliance tasks using hard-copy paper (i.e. a compliance officer physically ticks off a box, with a pen or pencil, after inspection and hands that paper in).
There is great opportunity to add existing technology to the process to allow them to capture compliance data more efficiently (using a mobile site/app) and then use it better (well, anything's better than having piles of paper that no-one will ever read).
Gap in the Market Secret #2
Research potential competitors and the existing market to prove your idea is viable.
Analyze any website using SEMRush and learn the secrets to their success.
Understand your niche to make better marketing decisions, capture higher page rankings in Google, make valuable new connections and boost your earnings quickly.
Don't waste time guessing what it takes to win valuable search keywords. Work out who is winning. Find out who links to them. Build your own backlinks.
Try it out. Research a website right now.
You are able to use SEMRush for free by signing up. However, the free plan is limited to 10 requests per day - thereafter a paid plan is required.
Looking for gaps is about gathering information and knowledge about the state of an industry. The more you know, the more likely you are to realize what's missing, or what can be improved. That's why curiosity and creativity are such important characteristics of successful entrepreneurs.
How to Identify a Gap
Gaps exist everywhere. The trick is to find one that you can take advantage of given your skill set and resources. There's probably a big gap in the market for wormhole tech, but none of us can take advantage of it yet.
There is one sure fire way to improve your chances of finding a great gap in the market that, reasonably speaking, you are also able to do something about.
It's very hard to find a gap in the market without getting out there and meeting people. Challenge yourself to do new things. Explore. Be curious. Make new connections. Make it a habit to draw in as much information as you can and use it like jigsaw pieces in a puzzle.
I wrote an article entitled how to come up with good business ideas that will definitely help with this strategy if you are looking.
Spotted a Potential Gap?
If you have already spotted a great gap and are wondering how to go from an initial idea to a business, here's what I recommend.
Gap in the Market Secret #3
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For now, let's take a look at some of the companies turning their gap in the market into innovative startups.
I can't remember the number of times where I have been at dinner and either been unhappy with something (but not wanting to cause a scene and ruin everyone's night), or seeing someone else at the table in the same position.
Complaining is an important part of helping restaurants maintain high standards. Managers can't act on something if they don't know what is wrong.
As a business owner myself, I go to great lengths to ensure that customers who complain are treated like gold... because I want them to give us a chance to fix things. Otherwise they might simply take their business elsewhere, or worse, not recommend us on to their friends and colleagues.
Blurtbox gives you a discreet way to complain. It also helps lower the barriers for obtaining customer feedback from the business' perspective.
Gap in the Market Secret #4
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What they say:
You get a hot cup of coffee and the business avoids negative online reviews. Think of it as the opposite of Yelp.
Julien started BlurtBox after years in the hospitality industry, and noticing the roundabout ways guests try to communicate with businesses they patron (Yelp, Trip Advisor, etc.) and the obsolete and inefficient ways businesses try to capture feedback (long surveys, comment boxes, etc).
I love this idea. I can only imagine the millions of people travelling around the world wishing there was a way to break the ice and find an in with the locals - as opposed to passing silently amongst the tourist traps without making real, human connections.
I've been on trips to give talks or for business in the past and been thoroughly miserable. Not because there was anything wrong with the places I visited, but because I didn't know where to go or who to hang out with.
For me, trip4real offers a fantastic way to change this reality for lots of people.
What they say:
Bare baby bottle
Ok, so this idea is pretty far out of my personal sphere of experience, but I am aware that bottle feeding comes fraught with many issues. Seems to me like helping to prevent babies taking in a lot of air when they feed from a bottle is something a lot of new moms (and pops) could use... especially if it means baby is happy and they get a bit more sleep.
What they say:
Bare works with suction, allowing baby to feed in a natural, upright position, which is recommended by Paediatricians to prevent ear infections, painful gas, acid reflux symptoms and over-eating, promotes self-feeding, bottle weaning and easier transition to cups.
Del Viejo (Datil Pepper Sauce)
We all agree that salsa is not something new. So why do I think that the Datil pepper sauce is worthy of mention in a list like this?
Simple. Imagine what a wonderful time us foodies would have if every town decided to come up with a foodstuff and make it their own? Well, we'd have a lot more variety to explore in our foods. Neighbouring towns could compete in local food markets, bringing more vibrancy and choice to the locals.
In my area there is wine, wine, and more wine. And olives. But mainly wine. It's great, but monoculture can become monotonous.
If every town in this region had their own 'Datil pepper sauce' (or whatever), instead of only wine, I guarantee we would be attracting more than the 1 million annual tourists who come already.
What they say:
The Datil Pepper has a slight fruitiness with a latent heat, and when used in the proper proportions, it marries well with so many dishes (including dark chocolate with sea salt!).
We recently moved apartments and ended up not being able to fit everything into the new space. We had a bunch of things to either donate or sell. Some of the larger items were worth a bit of cash so we decided to sell them by listing them in the local Gumtree directory.
It works. It's fine. But it's a real pain. You have to let people come and take a look. They 'conveniently' only bring half of the asking price in cash, and so on. Basically, listing in a directory functions, but, more often than not, you end up having to work for the sale.
The Gone app solves this issue by handling the sale and the delivery on your behalf. Meaning that you can get rid of unwanted items at the click of a button. Saves time and effort, which is a win in my book.
What they say:
So that's all I have time for now, but there are stacks of creative, vibrant and awesome people doing great things in the startup world. Hopefully the above businesses might spark inspiration for your own ideas.
What are some of the coolest companies and ideas you have come across in recent times? What makes them a real 'gap in the market' idea? Share your thoughts in the comments.
You spend years building up an online business, working hard to provide a service that gives paying customers great value.
After a while, your company starts attracting corporate clients who need a bit more than what is available on your traditional offering. And, despite limited resources, you have no choice but to expand the service to enterprise level customers.
But this means a lot of work, and it takes months to properly plan, design and implement the new changes. It's infuriating that Google can mistakenly ruin this.
Believe it or not, it is entirely possible to hire yourself as a freelance writer and turn that part-time job into a successful business that earns decent mo
A lot of small business owners find that they need a corporate email address on their own work domain, but aren't entirely sure what is required to set things in motion, beyond needing a domain name.
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