Most startup ideas evolve from the founder’s surroundings. Most of which could be as a result of noticing the market gap in a certain product or service. Or a relatable idea one can manoeuvre around it. Consequently, not all opportunities are good startup ideas.
In the long run, most startups are typically funded by friends and family. Oftentimes have little or no information about so many things that that can stabilize a startup and bring it to the market level.
Today, I will highlight three key approaches to identify the best startup opportunities to explore;
1. Observing market trends
Firstly, Study how customers interact with products and their preferences. From there you will learn a few tips to approach while putting your startup. The three most common markets include the consumer market, Industrial market and the reseller who will majorly influence your marketing
For instance, if your target market is the consumer market which comprise of Individuals and households who buy goods for their own use or benefit are part of the consumer market. Observe the trends around products such as drug and grocery items are the most common types of consumer products.
2. Solving a Problem
Recognize problems and develop innovative ways to solve them. For instance, Toothpaste companies focus on the whitening feature of the paste mostly. Or take for example the strengthening of gums. If you bring a product in the market, have a different approach.
There are customers specifically looking a gum infection control paste, or tooth sensitivity and there are very products that touch on that. Make it your selling point, assure them that your paste solves their problem a hundred per cent.
3. Gaps in the Marketplace:
While hunting for a startup opportunity, Look for very specific segments of customers that other companies do not serve because they prefer to target broader groups.
The first step in identifying your target market is understanding what your products/services have to offer to a group of people or businesses. To do this, identify your product or service’s features and benefits.
Rather than targeting everyone with the features, identify products benefits and target a specific customer base who specifically go for that.
These three approaches might be helpful for entrepreneurs across all phases . Especially entrepreneurs with existing projects looking for opportunities to develop and expand their businesses. Additionally, an opportunity should have several specific qualities. Such as the right timing, the right product, or an added value that the service offers to consumers to encourage them to purchase it.