How can you find a gap in the market in 2018
- Thread starter Ryanb1997
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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.
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.
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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?
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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.
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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.
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.
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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.
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.
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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.
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.
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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.
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Then later on, if still wanting to run a business, you are well in with that brand to be a retailer in your own right.
A few companies over the years have allowed known and well liked staff to do stuff they won't let even retail customers do.
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The market, any market these days, is very tightly arbitraged already. So unless you are an autistic savant, just thinking will not enable you to find a gap in modern day markets. (The autistic savant will see the gaps, but not have any interest in exploiting them!) You have to get involved. Go get involved in a market that really spikes your interest. Do some following. Do some grunt work. THEN the gap in the market will show up. Working on the inside the little gaps where no one else is doing a really superb job in fulfilling demand will suddenly show up. Good Luck!
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Not to sound condescending but at 21 you have time on your side.
Dont try to find a gap, make the gap. Start your business, something you will enjoy and are confident with. Your knowledge and passion will come across. It may take a while to get there but you have plenty of time on your side.
Where my office is based, I have around 7-8 companies doing the same thing. I am probably one of the newer people to the area and yet we have found our place and we do fine.
Take the business on that others do not want, work the hours they wont. Over time your reputation will grow and you can then start to be a little fussier.
Dont try to find a gap, make the gap. Start your business, something you will enjoy and are confident with. Your knowledge and passion will come across. It may take a while to get there but you have plenty of time on your side.
Where my office is based, I have around 7-8 companies doing the same thing. I am probably one of the newer people to the area and yet we have found our place and we do fine.
Take the business on that others do not want, work the hours they wont. Over time your reputation will grow and you can then start to be a little fussier.
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Plenty of gaps you don't need to be a savant to find, just observant. How many of us are customers? All of us. How many of us have particular problems with a particular company, particular process, particular timescale. There's one (or more than one) gap you can see there.
May not be worth exploiting commercially, or just not yet - so you search for other gaps.
Ever been to see a GP? Notice any gaps in surgery provision? They exist in a lot of surgeries if what my friends tell me is correct.
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So at 21 you find a gap, then what?
You need (at least) the following to start a business:
Knowledge, experience, suppliers, products, customers, marketing skills, administration, funds, patience, perseverence, time, learning how to cope with day to day problems . . . . . . .
Gain experience in the field you enjoy and have a passion for, learn about products and how the business works.
After a year, decide what you’re next step is.
Good luck.
You need (at least) the following to start a business:
Knowledge, experience, suppliers, products, customers, marketing skills, administration, funds, patience, perseverence, time, learning how to cope with day to day problems . . . . . . .
Gain experience in the field you enjoy and have a passion for, learn about products and how the business works.
After a year, decide what you’re next step is.
Good luck.
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you don't need a gap...you just need to do whatever you choose to do better than everyone else.
An example - a few years ago, when I first set up in business, I googled to find the best currency broker...it was company Y - they were OK (at that time), friendly efficient, decent rates.
Now you'd probably think a few years ago "I ain't starting a currency brokerage as the market is saturated" ...perhaps, but company Z came along & made my life so much easier - all online (no phone calls needed).
My business went to company Z.
You could apply the same "be better" principle to even a coffee shop...I went into one the other day - waited 5 minutes to get served (I hate waiting), then another 2-3 minutes for them to make it ...another 1 minute to pay ...total time getting on for 10 minutes (for a coffee) ...I long for a coffee shop where I can get a fresh cup of coffee served to me without waiting (all automated - I mean seriously, watching someone hold a jug of milk getting steamed until it's sufficiently is not that efficient at all). Think Dominos - where you can see your order time counting down ...but for coffee (therefore much lower waiting times than dominos!)
An example - a few years ago, when I first set up in business, I googled to find the best currency broker...it was company Y - they were OK (at that time), friendly efficient, decent rates.
Now you'd probably think a few years ago "I ain't starting a currency brokerage as the market is saturated" ...perhaps, but company Z came along & made my life so much easier - all online (no phone calls needed).
My business went to company Z.
You could apply the same "be better" principle to even a coffee shop...I went into one the other day - waited 5 minutes to get served (I hate waiting), then another 2-3 minutes for them to make it ...another 1 minute to pay ...total time getting on for 10 minutes (for a coffee) ...I long for a coffee shop where I can get a fresh cup of coffee served to me without waiting (all automated - I mean seriously, watching someone hold a jug of milk getting steamed until it's sufficiently is not that efficient at all). Think Dominos - where you can see your order time counting down ...but for coffee (therefore much lower waiting times than dominos!)
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You mean you want a bunch of these stacked next to each other in a room.
No, those things produce woeful coffee.
I want fresh milk (not long life or powdered)...and nice coffee. Basically, I want a coffee that's of the same quality (& the same process) that a human makes ...just without the humans being involved. Also, I don't want to be charged approx £3.00 for what amounts to a few ground beans & a cup of steamed milk.
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Their adverts claim they use freshly ground coffee beans, fresh milk and tastes identical to the barista making it in their coffee shops.
It has been done before and will require a huge amount of money to research, set-up, find sites and manage.
Better to get a robot coffee kiosk - start with one at a well populated mainline/underground (If you can get a license). No humans required for the making of the coffee. Just a daily top up of consumables. The robot alone will attract onlookers.
It's the future.
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Another idea I had was to run a (city based) coffee-on-the-go shop with a variable price based on peak/non-peak times (a BIG digital display in the shop window shows the current pricing)...therefore at peak times you pay the same as the local competition for a cup of coffee (high), but at off peak times the price reduces a touch ... not everyone needs to buy a coffee at certain time (some can slip away from their desks for 5 minutes). The idea being is to smooth out the supply/demand peaks/troughs.
Not as mad as it sounds....you'd be surprised what some will do to save 20p!
Not as mad as it sounds....you'd be surprised what some will do to save 20p!
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Technology in every industry is moving at an alarming pace.
What was deemed good a year or two ago, is now outdated.
Research and utilisation in the latest technology products is vital for virtually most businesses to keep ahead of their competitors.
Stay one step ahead, let others follow.
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Often you can discover an opportunity by experiencing a need for something. You just have to be careful that you don't assume your need is everyone else's need as well. Hence the importance of doing your research and running a proof of concept before launching any business.
Many successful start-ups are founded by people who have an expertise in a field. They've spent many years understanding a market or a function and then do something on their own to address a specific need in that market / function. Of course, you'll find successful founders who created companies right after school, but I'd say it's incredibly difficult to do so without any experience under your belt. Hence my advice would be working in a job that interests you for a while, become and expert, and find a niche or a gap in the market you can address. Find those unknown unknowns.
Many successful start-ups are founded by people who have an expertise in a field. They've spent many years understanding a market or a function and then do something on their own to address a specific need in that market / function. Of course, you'll find successful founders who created companies right after school, but I'd say it's incredibly difficult to do so without any experience under your belt. Hence my advice would be working in a job that interests you for a while, become and expert, and find a niche or a gap in the market you can address. Find those unknown unknowns.
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That actually sounds pretty good. Would work well in places where there was a decent financial district I reckon.
I heard about a bar in London I think that all the drinks were traded on an exchange, and the price was determined by market forces....so if someone bought 6 bottles of Corona, the market would respond an the price of Coronas would go down, etc etc
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It's not always about finding a 'gap' in the market you have to make sure there is a market within that gap.
Think therefore of finding out what somebody does that interests you and study them. Then, do it better, not cheaper but better, be it via providing a better service, better marketing or better product.
Think therefore of finding out what somebody does that interests you and study them. Then, do it better, not cheaper but better, be it via providing a better service, better marketing or better product.
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The problem with that is human nature
people won't think; great it's cheaper at 3:00 they will think why is it expensive at 1:00
Which is why I said at peak times "priced the same as the local competition" ...when customers realise the 'peak price coffee' is priced the sameas everywhere else, they can hardly cry "dear!".
Parking the variable price for a moment ...I reckon any city based coffee-on-the-go shop that undercuts the crazy prices charged for coffeee is likely to be onto a winner (it's as if every cafe is in on a some form of coffee price cartel & nobody breaks ranks!). I used to work in the city...our local cafe there was struggling to pull punters in...even though his coffee was about 25% cheaper than the major coffee purveyors (& just as good). I told him to get a whopping big digital sign in his (large) front window shouting about the price of a Late to pull the punters in - once they're in you cross sell (doughnuts, sandwiches, crsips etc.). He never did...his cafe remained relatively quiet...he bailed out & sold to another person who thought they could make a go of it too!
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Perhaps the buyers preferred the service and the drink at other places.
I've heard many people slam Starbucks coffee over the years. Yet they still seem to be busy, always a queue when I go in one.
There may be multiple reasons why people purchase coffee from a particular place, not liking the coffee served there won't cause people to buy it.
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People are 'happy' to pay for a good cup of coffee.
With food & beverage, it's quality first, price second.
Having a shop on the high street is extremely expensive and reducing your profit margin may mean not surviving.
The market dictates what can be charged and as above, Starbucks are as busy as ever.
With food & beverage, it's quality first, price second.
Having a shop on the high street is extremely expensive and reducing your profit margin may mean not surviving.
The market dictates what can be charged and as above, Starbucks are as busy as ever.
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