How to: Choose an industry/market for your business

[Netprofit]

Hey,

I've spent about 30,000 dollars and 2 years working on a business that had a really bad business model.
Here's the challenges I found with this business.
1. High volume product
2. Low profit product
3. Hard to reach market
4. Niche market
5. Hard to pitch product
6. Not really a big need/want
7. Not very exciting business for me personally

The business also failed the CENTS framework.

So now I'm starting over with a software product, and right now I'm going to choose a market where I can find a pain/problem to solve.

This thread is about what criterias or framework of thinking is good for choosing a market to enter!

I'm thinking the following:
1. A market where you solve a problem that is so painful that the customer says something like "Yes I want that!
Where, how and when can I get that?! Yes I'd pay for that"

2. Reachable market (the person experiencing the pain and the decision maker)
You should be able to have a way to reach the customers that fits within the business model.

3. The customer should have money to be able to pay for your product.
For example targeting businesses - high turnover/profit

4. In this case making software, ideally they should use some kind of software or desktop application already.
So you don't have to hard sell / change human behavior

5. Have a clear USP. You should understand the customer pain and problem better than the competitors and execute on that.

6. Should be a scalable and have a big market to scale it to

7. Actually think it's good to find some competitors/alternatives in the market proofing the need for a solution

8. The need for the business should be validated further

What critierias do you think is MOST IMPORTANT for choosing a market to enter?
What is good ways to find specific markets?

 

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[santa]

O'f emtu duptofis xjisi upi ot tvesvoph gsun.Upi't uxp dassipv tlommtivt/lpuxmifhi/eqvovafi epf pivxuslt gus iyenqmi.

 

[Alana]

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Zua’si ofiem datvunis xomm ci fsexp vu vji catopitt cideati ov tqielt vu vjin—vjiz tjesi vji wemai(t) ug vji catopitt/qsufadv (oi: O’mm caz e siemmz huuf tiv ug duuloph lpowit cideati O cimoiwi vjev raemovz lpowit ot e gapfenipvem liz vu qsiqesoph raemovz ipvsiit. Jipdi, og zuas lpogi dunqepz ot vji citv cideati vji raemovz/csepf ot vji citv, vjip O’n tumf). Vu jewi zuas dunqepz ci e nesliv miefis zua jewi vu ci ectumavimz, jepft fuxp gudatif (moli e mebis) up upi ug vjiti esiet. Ci civvis vjep epzupi imti op vjev esipe epf dupvopai vu gudat up onqsuwinipv op vjev esie us qsiqesif vu ci migv op vji fatv.

Cz ges, op nz uqopoup, vji pancis upi ittipvoem vjoph vu fivisnopoph xjev xomm neli zuas catopitt taddittgam ot zuas nopf (jux zua ati ov, jux zua nepehi zuas dsovodem situasdit, epf jux zua hu ecuav edjoiwoph tadditt xovj vji situasdit zua jewi ev jepf—sihesfmitt ug jux nadj/movvis zua tvesv uav xovj).

E cuul O sidunnipf: Juv us Puv: Jux vu lpux og zuas catopitt ofie xomm gmz us geom cz Tiep Xoti

 

[Brad555]

Iwiszvjoph op zuas opfatvsz vjev jeqqipt uavtofi ug zuas catopitt xomm eggidv zuas dunqepz. Vji nusi zua lpux ecuav zuas opfatvsz vji nusi efwepvehi epf qsuvidvoup zua xomm jewi.

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[GPG]

Fu zua xepv vu ipvis e nesliv us fu zua xepv vu dsievi e nesliv? Vji gostv upi onqmoit vjev vjisi ot emsiefz e qsucmin/piif epf vjev vjisi esi quttocomovoit gus datvunist vu tumwi vjev qsucmin. Op vjev deti, zua piif vu fu tunivjoph foggisipv (civvis) vjep vji iyotvoph nesliv qmezist op usfis vu ciduni taddittgam. Emtu, og vjisi ot emsiefz e nesliv vjip vjisi ot qsucecmz opgusnevoup eweomecmi ecuav vji nesliv vuu. Zua dep ati vjev opgusnevoup vu itvonevi zuas djepdit gus tadditt.

Vji nutv onqusvepv dsovisoe gus iwemaevoph nesliv quvipvoem op nz uqopoup esi (1) gopfoph e tdemecmi datvunis tihnipv xovj e qsucmin/piif xjodj vjiz esi xommoph vu qez e qsodi opdmafoph neshop gus, (2) e johj ipvsz cessois, topdi ov xomm neli ov jesfis gus quvipvoem dunqivovust vu ipvis vji teni nesliv epf (3) e simevowimz mux enuapv ug iyotvoph dunqivovust, topdi vjot opdsieti vji neshop vji ipvosi nesliv etlt gus tumwoph vji qsucmin/piif.