Questions

It seems like most categories have many companies already in the space. It's challenging to find a new space to offer a product

Hi
You’re correct: it is indeed very difficult to create an entirely new service or product, as almost ‘everything’ has already been invented.
That said, 2 points to consider:
1. Sometimes small changes to existing services or products can make a huge difference (and fulfill a different need for potential consumers). For example, Airbnb (hotels existed, rental units existed... - they just added a twist).
2. Existing competition isn’t necessary a bad thing. If you are selling an entirely new concept, you need to ‘Educate’ your potential costumers - this is both extremely expensive and often very difficult (and timely) to do. Many companies have failed just because they were before their time, only to see other companies succeed with similar products a few years later.
The bottom line is this: although it’s important to research your competitors and to make sure that the market isn’t saturated, the only sensible way to know if there is (enough) need, is to validate your idea (see my past answers for an elaborate explanation on how to do this).
I’ve successfully helped over 300 entrepreneurs and I’d be happy to help you if needed.
Good luck


Answered 5 years ago

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