Find a Market Niche.

If you find a market niche, this is a great business opportunity. Growing within a niche is often easier because you can better target your customers.

Ways to Find a Market Niche

• Pain Spotting: Find the problems/difficulties of a particular group
• Digitization: Find process steps of business that can be digitized
• Copy Cat: Copy successful ideas and twist them:
  • Look for services or products that work in other countries
  • Or which work in other business branches
• Customer Journey: Look closely at the whole journey of a customer with a product or service. Where can the process be optimized?
  • For example, Airbnb optimized parts of the process of finding accommodations
• Meta Layer: Can you add an additional level/layer? Examples:
  • Combine the results from different search engines or APIs
  • Compare portals that make comparisons:
    • Individual hotel websites → Portals for finding hotels (e.g., booking.com) → Site which compares different hotel portal sides

Start With the Best Markets and Niche Down

Markets for which people always spend money:

• Wealth
• Relationship
• Health

Niche it down several times, for example:

• Wealth → Travel → Long-distance travel → Vacations on the Maldives (example service: Custom recommendation for islands based on individual preferences)

Find a List of Niches to Get Inspired

For example, for SaaS: Micro Saas Idea Archive

What’s Next?

Check out further methods: 📚Teach Me The Top Methods