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Tuesday, July 9, 2019

Identifying Gaps in the Market for Your Small Business

Identifying Gaps in the Market for Your Small Business: Whether you are starting a small business or looking for growth opportunities in your current business, market gaps can be sources of inspiration for your next big idea. Many first-time entrepreneurs think they need to blaze a new trail to be successful. And while the market always needs innovators, a business doesn’t necessarily have to be revolutionary in order to succeed.

Identifying Gaps in the Market for Your Small Business


Rather than struggling to come up with a brand new idea, take a look at your target industry and see where there’s a void to be filled. Then, figure out the best possible way to service that need and run with it. 
For example, Netflix has filled several market gaps over the years. First came the initial mail-order movie rental business, then the company expanded into a streaming platform. Whole Foods filled the market gap that opened up when health-conscious consumers wanted a central, convenient place to shop for organic, healthy, and natural food products. 
While a specialty business niche won’t necessarily appeal to all customers, you will be able to grow in your space because the product or service is value-added.  
Bobby Genovese figured this out early. After quitting school in the 9th grade Genoveserealized that he wouldn’t become wealthy by working for others. He did take on a few odd jobs, through which he developed personal skills — and eventually he launched his first company at the age of 25.
According to Genovese, part of what made him successful is: “I tend to look at things differently. I’m a big picture kind of a guy. We focus on what we can do to grab as much market share or audience as we can. That philosophy has really been a game changer when doing business for us.”
Natasha Clark is another entrepreneur who discovered a void—this one in the digital media market. “In 2011, very few people were talking about female entrepreneurs,” she explains. “In fact, I could probably name on one hand the organizations who were buzzing about them at all. And even then, they were focused on female founders in tech. It seemed I had found a marketplace void.”
Her answer was to launch Lioness, a digital magazine for female entrepreneurs. “You see, women are the fastest growing population in the small business community. I felt like we had a unique opportunity to build something special.”
Gaps exist everywhere, says David Mercer, the founder of SME Pals, a blog dedicated to helping entrepreneurs and business owners start and build their businesses online. The trick is to find one that you can take advantage of given your skill set and resources.
“It’s very hard to find a gap in the market without getting out there and meeting people,” Mercer concludes. “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.”