Selecting a viable market for your business

If you are starting from scratch rather than being committed to a specific market or trend, that is to say you have no idea what you want to sell and who to sell it to, you may be at a massive advantage…

My aim with this post is to show you that the markets you choose to compete in can have a massive impact on your chances for success and what you might want to optimise for if you are starting from scratch.

There is obviously an endless list of factors that one can go through when trying to weigh up different markets, but here are the ones that have had the biggest impact in my experience and what I try to look for when assessing new opportunities.

With your your Project Criteria in mind, many of these may be different for you, so feel free to come up with ideas that will be more relevant to you and your goals.

  1. The market is clearly growing
  2. Market participants are easy to find online
  3. More than 10,000 participants
  4. Participants are known for spending money as early adopters
  5. There is evidence of market participants spending significant sums
  6. The market is already paying for software solutions
  7. The market has a growth mindset


Next: Identify Demand In Your Market