1. The Idea
The most important thing to consider is the idea. You got to have the idea first. What is it you really want to do, what type of business do you intend doing. The idea will serve as a point of ignition of the burning desire to do something. Make sure everything that comes up as an idea is effectively documented for consideration. After consideration of any business idea, you will be able to make an informed decision about whatever you want to do.
2. Adaptation
Often times, the business ideas you have had been done elsewhere, or the business developers are not doing it to needed consumer expectations. Sometimes you can find companies in your sector that have developed into a big big business but has not been taken in your local region and what you can do is to quickly adapt it you your homeland.
3. Provide the Immediate Costumer’s Need
Most business owners simply guess what their customers want. It is far more effective to go out and ask them, either in person or by sending them an email survey. All it takes is a simple one-page, well-worded questionnaire and you will be amazed at what you will find out. Feedback may be quite surprising and can very often show you a gap in the market you have never considered.
4. Branding the New Initiative
Ofcourse, is your business is pretty new in your locality or you want to do what others are doing in a different ways, you will have to learn effective presentation of your good and services. Pretend you are totally new to the industry and have to establish yourself. Learn to do things that will stand you out. Learn the competitor’s strategies. The idea is that thinking like a newcomer can really help you to think more originally and come up with market gaps you never normally would have considered.
5. Do Research in your niche and Specialize
You got to know more about the business you do. Try and understand the nitty-gritty of your business interest. You can do this by vigorous research and fact finding missions. Also, it’s a concern of most entrepreneurs to satisfy everybody, but it is smarter to pick a small segment of the market and specifically cater to it. Maybe there is one section of the market that is growing faster than the rest, or a new area that has just opened up. Maybe there is a segment that was big a decade ago that has been forgotten. It takes discipline to specialize, but it usually pays handsomely. As an added bonus, specialists can usually charge more.
If you want to recognize a gap in Market that you can fill, you got to master the five point check list above and you will be glad you did.
