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Supply and Demand: Is your business on the right side of the equation?

December 4, 2016

The basic rule for success in business is to find a market for your products or services -  right? Well no, it's actually about satisfying the needs of the market (not the other way around).

 

It's an alluring notion that we might create a niche business free from competition; but be warned, no competition is a sign that there is no market, and no market is a sign there will be no demand.

 

I've seen (and been in) too many service businesses that were probably too clever for the market, some might politely say "ahead of their time". Top notch people with valuable ideas - but no buyers.

 

The build-it-and-they-will-come mantra doesn't work when everyone else is building something too. Since almost every service in the world has become commoditised, is there really is such a thing as a niche business any more?

 

We have to be careful not overlook the opportunities that emerge from entering a competitive market. Hint: competition is a good sign of demand.

 

The quest for an undiscovered niche is likely to lead where most quests end up. Instead, lets focus a bit on what's going on for customers perhaps see what we can do to make life a little better for them. Being able to do that is the niche you want to be in.  

 

My general advice it is ditch the elevator pitch and start working on the elevator question. To do it the other way around is to ignore the basic laws of supply and demand.

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