Breaking the Mold: Uncovering Uncharted Market Niches for Entrepreneurial Success

Finding a market niche with high growth potential is the holy grail for many entrepreneurs.

Finding an untapped market is not always easy.

When you find an untapped niche, it’s fun and exciting. It almost seems unreal.

No one discovered this before?

To find a potential niche, start by researching your markets and competitors. Who are they targeting?

Look at emerging trends. Government agencies and trade groups publish lots of information about trends.

Once you’ve narrowed your focus, use my favorite method. Talk to customers.

If you have an established business, talk with your customers. If not, find target customers to talk with.

Let prospects know that you aren’t selling anything. You just want to better understand their needs.

Ask them what problems they encounter with (whatever the topic is). Can you find a problem? Can you find a way to solve the problem?

In my experience, after talking with 4 or 5 customers, I start hearing the same problems repeatedly.

That’s money! Solve that problem and you will have a niche that is completely untapped.

Happy Investing!