Skip to content
Business Here

Business Here

Market Business

Primary Menu
  • Business Finance
  • Finance News
  • Business News
  • Small Business
  • Business Here
  • Business
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • Looking for a New Business Idea? Here’s How to Identify What People Really Need.
  • Business Here

Looking for a New Business Idea? Here’s How to Identify What People Really Need.

By Annita Vagas 3 years ago

Table of Contents

Toggle
  • 1. Consider your own interests and underserved needs
  • 2. Evaluate what others in your industry don’t offer
  • 3. Survey the target audience
  • 4. Conduct keyword research
  • Niching down to find success

As a would-be entrepreneur, it can sometimes be tempting to think that all the good business ideas have already been taken. When practically every industry seems to be overwhelmed with businesses (particularly in the e-commerce age), it can seem hard to find a way to stand out from the competition.

In reality, however, there are still plenty of opportunities out there for entrepreneurs who are willing to dig a bit deeper. By looking for niche, underserved needs in their industry of choice, entrepreneurs can develop new and very successful brands of their own.

As it turns out, you don’t have to try to serve everyone to create a successful business.


1. Consider your own interests and underserved needs

While pursuing your passions is a cliche starting point for any entrepreneur, it is particularly important when you are trying to identify more niche needs. By focusing on your own interests, it can be easier to identify areas where your own needs currently aren’t being met.

Brainstorming a list of your skills, hobbies, interests and problems that you’d like to see solved in your own life can serve as an invaluable starting point for finding niche opportunities.

Sometimes, entrepreneurs can even identify niche business opportunities by combining aspects from different interests. On a smaller scale, this can easily be seen on sites such as Etsy, where, as one example, you’ll find products that combine an individual’s talent for laser-cut wood art with their interest in video games.

Related: 6 Steps to Turn Your Passion Into a Career

2. Evaluate what others in your industry don’t offer

If you already have a particular industry in mind, it can be helpful to conduct competitor research. Don’t just look at what others in your industry offer — look across multiple companies’ websites so you can get a better idea of specific products or services that aren’t generally available.

This stood out during a recent conversation with Ashley Sarnowski, co-founder of Sunnie Hunnies. As she explained, “We found our niche focus of super soft swimwear for newborns and toddlers in part because it was an issue that had come up within our own families. However, what really helped give us the drive to launch our own product was doing research and seeing that the type of products we were looking for didn’t really exist in the current market. Our research gave us the confidence that we could offer something unique in a crowded market.”

3. Survey the target audience

You can go outside your own experiences and get ideas for niche needs by surveying others in your potential target audience. You could start with family, friends or business associates, or you could go to internet communities and take part in their conversations.

Pay attention to the problems people are experiencing, the products or services they wish they had or the questions they are asking. Consider how these pain points and desires relate to your niche, and how you could use your skills and knowledge to provide a meaningful solution.

Aside from evaluating audience problems and needs, dig deeper so you can understand their buying behaviors and motivations. By more fully understanding the persona of your target audience, you won’t just be better able to develop an on-point niche product or service. You’ll also know how to market it effectively.

Related: 5 Steps to Creating Effective Customer Surveys

4. Conduct keyword research

While your own personal experiences or anecdotes from friends and family can help you identify underserved needs, not all niche ideas are created equal. Before going all-in on a niche business idea, you should conduct keyword research to validate its potential.

According to NerdWallet, “If a keyword has under 500 searches per month, you are facing an uphill battle in terms of demand. ‘Ideally, you want between 1,000 to 2,000 searches per month. With a number like that, you can test your product without burning through cash.’”

On the other hand, if a keyword has a higher than expected volume of keyword searches, it may not be as niche or underserved as you originally anticipated. Tools like Google Trends can also help you see how interest in a keyword rises and falls over time, or whether a particular product or service experiences seasonal fluctuations in demand.

Just because other competitors already exist within your desired sub-niche doesn’t mean you can’t enter this space. Use your initial keyword research as a launchpad to identify what you can offer that is different or better so you can make a big impact in these smaller markets.

Niching down to find success

Finding the right products or services for the right niche can ultimately allow your business to become far more cost-effective and successful than if you tried to target a broad audience.

While focusing on a smaller niche means the total potential audience is smaller, brands that focus on a more specialized audience often become much more profitable. With less competition and the ability to engage in more highly targeted marketing, entrepreneurs can engender significant brand loyalty and word-of-mouth growth. By being one of the first to establish a foothold in your niche, you can also dominate SEO.

By putting in the effort to work with niche, underserved markets, you create a true win-win scenario for yourself and your customers.

Copyright 2022 Entrepreneur.com Inc., All rights reserved

This article originally appeared on entrepreneur.com

Tags: American Express Business Cards, Att Business Customer Service, Att Business Internet, Att Business Login, Bad Business Codes, Bank Of America Small Business, Buffalo Business First, Business Administration Jobs, Business Administration Salary, Business Analyst Jobs, Business Card Dimensions, Business Casual Female, Business Casual For Women, Business Casual Women Outfits, Business Ideas 2021, Business Letter Example, Business License California, Business Name Search, Business Process Reengineering, Business Proposal Template, Buy A Business, Card For Business, Chase For Business, Chase Ink Business Card, Columbia Business School, Costco Business Center San Jose, Emirates Business Class, Facebook Business Account, Fictitious Business Name, Florida Business Entity Search, Ga Sos Business Search, Georgia Business Search, Google Business Email, Houston Business Journal, Illinois Business Search, Instagram Business Account, Is Lularoe Still In Business, London Business School, Master Of Business Administration, Men'S Business Casual, Pittsburgh Business Times, Qualified Business Income Deduction, Sacramento Business Journal, Secured Business Credit Card, Standard Business Card Size, T Mobile Business, Texas Business Search, Tië³´o The Business, Top Business Schools In Us, Types Of Business

Continue Reading

Previous Film Director Kirk Wong appointed as the creative consultant at utopia inspired blockchain Game Finance company, Utoverse
Next Oscars Not ‘the Hood’ in Response to Will Smith Confrontation
July 2025
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  
« May    

Archives

Categories

  • Business
  • Business & Finance
  • Business & Finance News
  • Business Here
  • Business News
  • Small Business

Recent Posts

  • Winners and Losers in the China-US Trade War Truce
  • China Cuts Tariffs on US Imports: A 2025 Trade Shift
  • How to Set and Achieve Your Financial Goals
  • Financial Planning 101: A Beginner’s Guide to Wealth
  • Key Moments from Biden vs Trump Debates You Can’t Miss

Fiverr

Fiverr Logo

Tags

""Succeeded His Business"" 2 Of Cups Business 525 Business 5 Bankruptcies Accounting Business Letter To Client Att Business Login Bracken Business Communications Clinic Business Business Account No Deposit Business Administration Fafsa Business Balance Sheet Explained Business Card Business Card Printing La Plata Business Cards Media Bar Business Card To Secret Website Business Central Png Business Coaching Site Cloudfront Business Contract Lawyer 47201 Business Marketing Pearson Quizlet Business Milleage Leager 18 Business Mobile Broadand Plans Business Plan For Supplement Company Business Plan Loan Originayor Disrupting Digital Business Harvard Ffiec Business Continuity Templates Gauge Ear Piercing Business Good Openings For Business Letters Holton Investment Business Indianapolis Business Times Indiana Wesleyan University Business List Business In Search Engines List My Business Yahoo Lunch Susbcription Business Model Morgan Hill Business Liocense Renewal Nee Small Business Bill Signed Negotiating Business Acquisitions Practical Law Networking Trends Small Business New Business In Shorewood Il School Business Officer Being Unethical Small Business Administration Mass Small Business Comunity Small Business Corporation South Africa Small Business Depew Llc Small Business Medical Offices Chicago Small Business Office Lakewood Nj Small Business Plans Verizon
putritrans
deencast
mycignadentallogin.xyz | Magazine 7 by AF themes.

WhatsApp us