From “Aha!” to Action: How to Be the One Who Fills the Market Gap

When I first dreamed of becoming an entrepreneur, one burning question lingered in my mind: “How on earth do you find a gap in the market?” It felt like this elusive secret, something only the most brilliant founders stumbled upon. Even now, listening to the unique and inspiring origin stories of business owners, I marvel at their journeys.

Over the years, I’ve brainstormed countless business ideas. Some seemed promising, even “really good” in the moment. However, none possessed that undeniable gravity, that magnetic pull strong enough to make me leap, until I had the idea for The Decided Collection.

So, how do you identify that elusive void in the market and position yourself to fill it?

Be Observant - Your Everyday Is Your Research Lab

The first step is surprisingly simple: pay attention. As you go about your daily life, cultivate a mindset of observation.

• Spot the Pain Points: What product or service do you constantly wish existed? What frustrates you, your kids, your friends or even strangers around you? Whether it’s a minor inconvenience or a major hurdle, these are often unmet needs. Once you identify one, ask others if they share that frustration. If the answer is a resounding, “yes,” you’re onto something!

• Innovate the Existing: Alternatively, is there an existing product or service that you believe could be done better? Could you inject your unique perspective into it? Think of the endless array of salad dressings at the grocery store. There is only one you, so even if your core idea already exists, your individual spin could become something special all on its own.

Identify Your “Why”

Once an idea truly grips you, the next crucial step is to define your “why.” This isn’t just a mission statement, it’s the raw, emotional fuel that will power you through the inevitable challenges of entrepreneurship.

• Is it Obsessive? Is this an idea that you simply can’t stop thinking about? Does it consume your thoughts, keeping you up at night (in a good way, of course)?

• Will You Fight for it? When obstacles emerge – and they will – are you willing to fight for this idea? Will you refuse to give up, even when the going gets tough?

• The Regret Test: If you don’t pursue this idea, will it haunt you?

Research, and Don’t Let Doubt Creep In

With your idea and your “why” firmly in place, it’s time to dive into research. This phase is about gathering information, not validation, from every single person you speak to.

• Embrace the Unknown: If it’s a true market gap, it might be challenging to find direct competitors or companies to benchmark against. That’s okay! It often confirms you’re onto something genuinely new.

• Information Gathering: Consume as much information as you can about what you’re looking to create, your target market and the broader industry. Listen to podcasts, read articles, truly immerse yourself.

• Selective Feedback: Share your idea with people you trust – mentors, close friends, industry veterans. Solicit their input and feedback, but here’s the critical part: remember that this is your idea and not everyone will immediately grasp your vision. Don’t let a discouraging conversation make you doubt yourself. Take in all of the information, but always follow your gut.

Leverage Relationships & Surround Yourself with Good People

My background wasn’t in fashion. When I started The Decided Collection, I was completely naive about the industry. But once I articulated my idea and shared it with those close to me, a magical ripple effect began. One conversation led to an introduction, which led to another. It was months of putting one foot in front of the other, meeting diverse people and continuously researching.

• Networking Groups Are Goldmines: Joining a networking group, like Entreprenista for me, was a game-changer. I met some of the most talented female entrepreneurs, and today, I have an incredible group of women supporting me and my business.

• The Power of Proximity: Whether they’re existing relationships or new ones, actively seek to get yourself in the room with like-minded individuals. The support you gain from these connections will take you far and you’ll be amazed at how much people genuinely want to help you achieve your goals.

Trademark - Protect Your Vision

This step often gets overlooked in the excitement of a new venture, but it’s critical: trademark your company name and designs.

Once you’ve selected your company name, work with a trademark attorney. The last thing you want is to pour your heart and soul into building a business, developing a brand, creating collateral and launching products, only to discover that you can’t use the name you’ve so carefully crafted. It is an investment, but it’s far less costly than having to recreate all of your assets, potentially change your entire company name or, worst-case scenario, face legal action for trademark infringement.

Go For It!

There is no greater feeling than taking an idea that lives purely in your mind and seeing it come to life in the real world, but that’s just the beginning of the adventure.

As an entrepreneur, you will learn something new every single day. Some days, you will feel like you’re on top of the world, invincible and utterly brilliant. Other days, you’ll find yourself wondering, “What on earth am I doing?” Being an entrepreneur demands grit – the unwavering courage to persevere. It requires the ability to bounce back, dust yourself off and pivot when things don’t go as planned. Every day is different, unpredictable and sometimes challenging, but that is precisely the fun part.

I can promise you one thing: you won’t regret pursuing a dream. So, take that leap. You truly never know where it will take you.

To learn more about The Decided Collection visit www.decidedco.com.