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How can you find a gap in the market in 2018

Discussion in 'General Business Forum' started by Ryanb1997, Nov 8, 2018.

  1. Ryanb1997

    Ryanb1997 UKBF Newcomer Free Member

    5 0
    Hi All,

    I am 21 years old and I dream of running my own business, but I find it almost impossible to think of a gap in modern day markets.

    Am I looking in the wrong places or is there a certain way I should be thinking?

    Please help.

    Ryan
     
    Posted: Nov 8, 2018 By: Ryanb1997 Member since: Nov 8, 2018
    #1
  2. Gordon - Commercial Finance

    Gordon - Commercial Finance UKBF Enthusiast Free Member

    799 195
    Firstly, make sure you stay just as passionate about that dream. Good on you. I had that same dream at 21 and it took me almost 10 years to actually see it through.

    You don't necessarily need to find a gap in the market. You don't need to do anything unique, and in fact if no one else is doing something that you do think of, you need to question why that is. There is nothing new under the sun.

    Instead of trying to find something unique, just find something that you can do well, and that you care about. You don't need to do something that no one has done before. If your product or service isn't unique, then just make sure you do it better than everyone else.
     
    Posted: Nov 8, 2018 By: Gordon - Commercial Finance Member since: Jun 26, 2017
    #2
  3. fisicx

    fisicx It's Major Clanger! Staff Member

    29,284 8,627
    There are loads of gaps in the marketplace.

    The bloke who cleans the wheelie bins is retiring so will be selling his business. A young lad I know has started washing cars in one of the business parks. Two locals have just begin a winter gardening service clearing leaves and all the dead plants. They also dig over and prepare beds for spring. There are always opening for dog walkers or pet-sitters. You could be visitor for the elderly, become a courier, man with a van, learn a trade or a zillion other sole trader opportunities.

    What do you like doing most?
     
    Posted: Nov 8, 2018 By: fisicx Member since: Sep 12, 2006
    #3
  4. UKSBD

    UKSBD Not a real duck Staff Member

    8,787 1,662
    Does sitting behind a keyboard thinking of ways of making money without having to do all those horrible things count?
     
    Posted: Nov 8, 2018 By: UKSBD Member since: Dec 30, 2005
    #4
  5. mattk

    mattk UKBF Newcomer Free Member

    1,594 681
    Whatever happened to all those cash for gold places which sprung up? Gold prices will rise as the economy crashes, so maybe now is the time to start stockpiling?

    And a professional baseball league.
     
    Posted: Nov 8, 2018 By: mattk Member since: Dec 5, 2005
    #5
  6. Mr D

    Mr D UKBF Legend Free Member

    10,086 1,057
    There are at least as many gaps in the market that I can see in 2018 as there were a decade ago or 2 decades ago.
    Where you don't see a useful gap, can you create one?

    Sometimes a gap is nothing more than doing what someone else used to do.
     
    Posted: Nov 8, 2018 By: Mr D Member since: Feb 12, 2017
    #6
  7. fisicx

    fisicx It's Major Clanger! Staff Member

    29,284 8,627
    You mean do what the advert says and build a godaddy site selling tat and make loadsamoney. Must be true 'cos it said so on the telly.
     
    Posted: Nov 8, 2018 By: fisicx Member since: Sep 12, 2006
    #7
  8. estwig

    estwig UKBF Legend Full Member

    11,907 4,121
    I don't believe in even trying to look for a gap in the market, new ideas are so thin on the ground it is almost pointless wasting time looking for them.

    Decide what you want to do, what you're passionate about, see what the market leaders are doing and do it better, or cheaper, nothing wrong with being the cheapest if the numbers stack up for you.
     
    Posted: Nov 8, 2018 By: estwig Member since: Sep 29, 2006
    #8
  9. Gecko001

    Gecko001 UKBF Enthusiast Free Member

    2,788 440
    Import/Export consultant.? There should be a gap in the market for those come March next year.
     
    Posted: Nov 8, 2018 By: Gecko001 Member since: Apr 21, 2011
    #9
  10. NickGrogan

    NickGrogan UKBF Ace Free Member

    1,455 299
    There a plenty of gaps in the market, as you get more experienced it's easier to spot them. But they're also irrelevant unless you can take advantage of them.

    A more important question is what are you good at and what are you prepared to do.

    When you can answer those questions, you'll have a better idea if business is right for you and what sectors to look at.
     
    Posted: Nov 8, 2018 By: NickGrogan Member since: Nov 15, 2012
    #10
  11. dotcomdude

    dotcomdude UKBF Regular Full Member

    120 13
    There are loads of gaps in the market. Virtually every business I come across is weak or poor at certain aspects of their work - and don't get me started on tradespeople like builders. They turn up to measure for a quote and then never get back in touch!
     
    Posted: Nov 8, 2018 By: dotcomdude Member since: Jul 27, 2018
    #11
  12. UKSBD

    UKSBD Not a real duck Staff Member

    8,787 1,662
    But the 1st weeks sales are great - until you run out of relatives to sell to
     
    Posted: Nov 8, 2018 By: UKSBD Member since: Dec 30, 2005
    #12
  13. Ryanb1997

    Ryanb1997 UKBF Newcomer Free Member

    5 0
    All of this feedback is helpful, I love designer clothes, which is obviously one of the most competitive, easy to build but easy to fail businesses. I love golf as well!
     
    Posted: Nov 8, 2018 By: Ryanb1997 Member since: Nov 8, 2018
    #13
  14. NickGrogan

    NickGrogan UKBF Ace Free Member

    1,455 299
    That's what you love, not what you're good at.

    Generally they are two very different things.
     
    Posted: Nov 8, 2018 By: NickGrogan Member since: Nov 15, 2012
    #14
  15. Ryanb1997

    Ryanb1997 UKBF Newcomer Free Member

    5 0
    Well, my day to day job is selling art, and I sold tv’s and speakers in my previous job. I’m good at selling, so surely I can sell anything? I don’t think I have the capital or artistic eye to start a business in either field, so I have to look st other options surely
     
    Posted: Nov 8, 2018 By: Ryanb1997 Member since: Nov 8, 2018
    #15
  16. NickGrogan

    NickGrogan UKBF Ace Free Member

    1,455 299
    Are / were you selling art, TV/speakers or working in retail (order taking)? They are very different things.

    If you can sell then you could work as an agent for brands with very little investment, this applies to art and audio visual.
     
    Posted: Nov 8, 2018 By: NickGrogan Member since: Nov 15, 2012
    #16
  17. Ryanb1997

    Ryanb1997 UKBF Newcomer Free Member

    5 0
    I was selling to retail when I was in the AV business, and I sell to trade in the art business. I thoroughly enjoyed AV more than I do with Art though.
     
    Posted: Nov 8, 2018 By: Ryanb1997 Member since: Nov 8, 2018
    #17
  18. NickGrogan

    NickGrogan UKBF Ace Free Member

    1,455 299
    Ok, so find an AV brand that you like and that either isn't in the UK or doesn't have a UK office and little market penetration and approach them to represent them.

    You sell the brand to retailers, shops place orders and you get paid a margin / commission by the suppliers on all orders as long as you support the brand.

    You're doing something you love, something you're good at and something there is a demand for.

    Capital requirements are minimal, shops order direct from the suppliers, you never hold stock.
     
    Posted: Nov 8, 2018 By: NickGrogan Member since: Nov 15, 2012
    #18
  19. Ryanb1997

    Ryanb1997 UKBF Newcomer Free Member

    5 0
    Genius, thank you so much for your help, what a fantastic and easy way of thinking!
     
    Posted: Nov 8, 2018 By: Ryanb1997 Member since: Nov 8, 2018
    #19
  20. triplemaya

    triplemaya UKBF Newcomer Free Member

    6 0
    NO! Sitting behind a keyboard thinking of ways you can contribute, that you love to do, that may well make some money if done right, does.
     
    Posted: Nov 10, 2018 at 8:14 PM By: triplemaya Member since: Jan 14, 2008
    #20