How to spot a gap in the market for your next awesome business opportunity

An important part of exiting a business is identifying your next steps and setting yourself some new Big Hairy Audacious Goals (BHAG).

Unless you’re heading for retirement, there’s a good chance this means finding your next awesome business opportunity.

Yet, after years of running a successful firm, you may find it hard to come up with fresh ideas.

Read on to find out how to spot a gap in the market and spark ideas for your next exciting entrepreneurial adventure.

Stay informed about market trends

Things move pretty fast in the business world. Trends come and go, consumer interests and preferences evolve, and technology advances.

So, it’s vital that you stay informed about market trends. Leveraging these insights could allow you to identify innovative and timely solutions that resonate with your target clients’ needs and expectations.

For example, in November 2024, the Bank of England reported that 75% of financial firms are using Artificial Intelligence (AI), and a further 10% plan to start doing so over the next three years.

The growing use of AI could lead to new opportunities for boosting operational efficiency, productivity, and the personalisation of client services. However, it may also present heightened cybersecurity risks.

By tracking such trends using online tools such as Trend Hunter and Google Trends, you could stay up to date on hot topics. This might help you identify promising gaps in the market before they become mainstream.

Attending industry events is another great way to keep your ear to the ground while building your network of contacts.

Consider your strengths and interests

Whether you fell into your business by accident, or it was a carefully mapped out journey, you’ve probably learned A LOT along the way.

Reviewing the skills and experience you’ve gained – and identifying your key strengths – could help you come up with a unique take on your business, or even, a completely new idea.

Remember that identifying a gap in the market is only the first step. You need to be confident that you have the capabilities and resources to plug that gap.

What’s more, you want to feel excited and energised by your new venture. So, it’s important to consider what your interests and ambitions are.

You might have built an incredible business and be eager to do it all again with a new firm – if it ain’t broke, don’t fix it, right?

Or, maybe you want to take a step back from the operational side of things and focus on helping others achieve their goals by investing in other businesses.

Whatever your objectives, let your strengths and interests guide you towards the next step in your unique journey.

Read the room

Gaps in the market appear when there is a mismatch between consumer needs and the products and services available.

So, it stands to reason that your clients and target market are a rich source of inspiration for business ideas.

Before exiting your business, seize the chance to survey your clients and ask them about their main concerns, frustrations, challenges, and unmet needs. What services and products would they love to see developed? How do they feel about your current firm?

You can also gain valuable insights into consumer demand by reading reviews of your competitors. Perhaps there is a common theme that people are complaining about – this may be the golden opportunity you’re looking for!

Finally, keep your eye on social media to gain an unfiltered view of consumer sentiment. Platforms such as Reddit allow people to anonymously speak their minds about brands, which could provide invaluable insight into their pain points and desires.

Get in touch

If you are thinking about exiting your business, we can help you craft an effective and attractive exit plan that sets you up for a flawless touchdown.

To find out more, drop us an email at hello@melo.co.uk or call us on 0113 4656 111.