There any many approaches to finding a good business idea. One is to find something everybody will always need, like light bulbs or cutlery; another is to create both the product and the desire to use it at the same time, like video games, fashion items or any type of trend. A few innovators create new technology that we latter can’t seem to live without. Else, you can make a health business by finding a niche market.
There is heavy completion in popular product areas. If you have something better than the completion, the same product for less, a great approach, or perhaps a lot a passion you might do well entering a popular field. Or you might do better pursuing a different field. Niche markets tend to be smaller, but they can be untapped resources if there is little competition. And if there are a field that won’t turn into a passing fad they can be a steady source of business.
Finding a Niche Out There
Niche markets can have an advantage for advertising. If there is a specific demographic you may find it easy to target their usual locations and web habits. This is also an advantage for research; you can track down specific needs by looking at complaints on blog sites and then develop a useful product to solve the problem. Or you can just find what appeals to people in the past and take this further. Some time on Google will find opportunities and niches that could do with filling.
Starting at Home Base
If you already have the resources for a niche product you have what some call the unfair advantage. There is no ethical problem here long as you don’t harm anybody else. The unfair advantage we mean is where a relative owns has a metal treatment factory, so you import and sell jewellery that is gold plated by them; or if you develop a great organic hair product and distribute it though a colleague’s retails website. This is the opposite approach to finding the niche market in the outside world; it looks at what you (or you close contacts) are already capable of doing, and using it to your advantage. Just about everybody has a connection or two that they can ethically use to their advantage.
Some niche ideas are good for starting a business. Many more are good for adding a new product line. If you already resources, manufacturing equipment or anything that can provide manpower or products there will always be a several more products or services you can add. Just the purchase of a 3D printer can be enough to produce spare parts for other people’s products, especially for any product that has ceased production. Opportunities abound, they just need discovering and development.