In episode 113, I talked to Stephanie and Ethan Bull, who started a brand new business that they knew they were going to be successful because it was a hole in the market that their experience could serve well. But how do you find a hole in the market that you can serve?
One question that you might ask yourself is, what do you do really, really well? And I have found that this is actually a hard question to ask because sometimes we don’t always see what we do really well. We think it’s a skill that everyone has. And that is definitely not the case. Sometimes what feels easy to us is harder to someone else. So really spend some time with this and maybe interview people on what you do well, what you bring to the table. Maybe interview coworkers, past coworkers, past bosses, or anyone who could tell you what your real superpowers are when it comes to what you do.
Another question to ask would be, what product or service do you want to see in the market that you don’t feel is served in the way that you want to see it served?
Another way to think about this is what area of the market is underserved and could you provide a unique experience for that? Maybe it’s your own system, maybe it’s your own formula. Maybe it’s a different perspective that really turns something on its head, and it might be something about you watching the trends that are happening out there and realizing that there’s some new opportunity that is currently underserved that you could plug into. So spend a little time brainstorming around that.
Tune in for more thoughts on how to find a hole in the market.
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- 02: How to Choose a Business Idea
- 03: How to Research Market Trends
- 05: How to Research a Business Idea
- 82: Finding Your Strengths
Catch the other episodes in this series
- 113: Starting a Business with Your Spouse with Stephanie and Ethan Bull
- 115: Tips for Hiring a Virtual Assistant – Quick Fix Friday