This is such an important and necessary stage in finding a niche you can start a business in. You need to not only find a good idea but know that it is a profitable niche worth entering. A problem most people encounter is which niche to go into. There are so many opportunities now with online businesses, how do you know which one will suit you and give you a profitable business?
Brainstorming helps you find an idea by narrowing down your options and allowing you to cherry-pick the best one for you. In brainstorming sessions, you will also come up with new ideas and ways to make money within your chosen niche.
The best way to come up with an online business idea is to study the online business landscape as it currently stands, and then working out where you can insert yourself. Although it is tempting to come up with a new product or service that no one else offers, this can be troublesome. Unless you are an inventor or serial entrepreneur you will probably struggle. Creating a new product involves a lot of upfront cost without knowing if there is a demand for your product.
The quickest and simplest way is often the best for new entrepreneurs. Great ideas can come from unclaimed spaces within bigger sectors that the large businesses have ignored and you can take advantage of this.
New unnoticed business sectors
An example of a niche within an industry that most businesses have ignored is Blockchain. Blockchain is only now being looked at seriously by the established “big boy” companies. Many entrepreneurs who spotted this sector early on have established themselves as authorities now in niche spaces. This sector is only going to become bigger as blockchain applications become more widespread. Some entrepreneurs have even become blockchain billionaires within only a few years.
We are not saying this is an industry you should look at, but it demonstrates our point to think outside the box and notice small trends that could become huge within only a few years.
Look at sectors where the big money is setting up home
Be on the lookout for industries that the big businesses are flocking to and work out why. Investigate this space as a whole and then create a business within it that the big companies have not yet entered. This could be an ignored demographic or a particular service that is yet to be offered.
Look at established market sectors
Look for business sectors that are already established, but still growing, especially profitable sectors where a niche business can insert itself into a part of it.
You have found a space you like, what next?
After you have brainstormed your ideas and narrowed them down to one business space you need to do your research.
For example, if it is in an area that other industries have yet to enter en-mass, you will need to work out why this space has been left open? Is it not profitable enough? Is the demand there? Have companies gone before you and failed? If so, why did they fail and what makes you different? If you think there is an opportunity for you in this space, find out why they failed and come up with a solution to this problem. If you can do this, you might have a good shot at succeeding where others have failed.
If your niche is going to be in a popular area, then you need to find that small niche that is untapped and has demand you can fulfill. This is an exciting process.
Do you need to narrow down your ideas and talk to entrepreneurs that have already been where you are now?
Our brainstorming service
Sometimes you need to talk to someone that has successfully started businesses and will be able to help you narrow down and think your idea through.
We offer a brainstorming service with serial entrepreneurs. You can throw some ideas around and get feedback. Brainstorming sessions often results in new ideas you hadn’t thought of. Once you are happy with a business niche we can look into this in more detail. Where can you advertise? Who your potential clients and customers could be? Where can you source your products? The cost of setting up a website and more.
In essence a game plan.
We wish you the best of luck with your business journey and we also hope that you have enjoyed ready this article and found it helpful. We would be very grateful if you would kindly share this amongst your friends. Thank you.
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