How many times have you come up with an exciting idea for a new small business, only to head over to Google and discover that there are already ten companies doing the exact thing you want to do? Almost any worthwhile idea that you can come up with will have already been done, but that doesn’t have to be a bad thing. After all, most brand new companies aren’t built on brand new ideas; they’re built on taking old ideas and improving upon them!
The key is to figure out how to use competition and existing ideas to your advantage. One way to do this is to out-listen the competition. You can use their existing customer base as market research to find out what improvements they want, and what they’re currently buying. Then, when your business launches, you can give your target market exactly what it’s been asking for!
Luckily, people love to tell other people what they want. It’s easy to ask them directly. By doing this, you can find the missing pieces in an already-successful market and use them to find your place!
Read the full article here: https://www.entrepreneur.com/article/274711