People always ask me, where are the gaps in the market right now? – where are the business opportunities at the moment. Here’s a list of some of the gaps in the market right now.
Gaps in the market for selling to consumers
There’s still a lot of consumer demand for wellbeing based business ideas. Especially for ideas based around helping people to get better sleep and to feel better in themselves.
Although there have been a number of gadgets and apps around sleep for a while now, this is still an in-demand area, and there are some great business opportunities.
There’s been a big explosion in demand for vegan foods, including vegan alternatives to milk and dairy. Some of this is at the mid to high end such as my local YouJuice in Brighton which concentrates on raw and healthy vegan food, and some is at the mass market end such as vegan burgers sold in the freezer aisles in the supermarkets.
There’s lots of space for developing business opportunities here – but be aware that there can be big risks involved in running a food-based business.
You’ll have seen the big comparison sites for switching your electricity supplier or choosing the right credit card. These kinds of businesses have been around for a good while now, and there’s little point getting into this space and competing with the well-established people here.
But while we’re talking about finding the gaps in the market, there are definitely business opportunities in more niche comparison sites.
Find an area where people are willing to spend a decent amount of money (so, not small consumer items like books or pens) and do some human-powered comparison shopping. Write tons about this to attract traffic, and then offer people your recommendations based on the different criteria they might choose.
I’ve put several specific business ideas based on this gap in the market into my New Business Ideas Collection, showing you exactly how this works in practice and how to go about setting it up.
Gaps in the market for selling to businesses
There’s a lot of appetite at the moment for all kinds of modular building. From small kits for tree houses and garden sheds, through to modular ice rinks and industrial units. This market is better established in Germany and the US, but not in the UK, and the rest of the world there’s more of a gap in the market for attractive modular, pre-fabricated and half-built buildings. Note that I said attractive, as there’s lots of the regular ugly stuff out there already – the gap in the market is more for the mid-end ranges which look good.
That kind of business will take a good part of a million to set up, so it might be too much for some of us. But don’t worry, if you don’t have a million or even £100 to get going, there are lots of gaps in the market you can get going with straight away by selling services to businesses.
Businesses are run by busy people who don’t always have time to do everything. There are lots of service businesses you can offer to entrepreneurs to cover the things they’d like to have time to do but don’t.
And of course, business owners don’t have time to go through the learning curve of using the latest marketing techniques, applying new ideas to their business, or even putting the right messages out on social media.
There are lots of business opportunities here to create some great businesses, doing interesting things, helping people and making a good living. The trick is to identify the niche gaps in the market, so you sell your services as a receipts organiser, or a social media helper, rather than a full-on bookkeeper or a full-service marketing agency.
Again, I’ve put lots of specific examples into my New Business Ideas Collection, with tons of ideas for selling services to businesses and exploiting those gaps in the market that no one has thought of before.