The market should be big so that it can sustain the growth. It should have products existing because that will make sure that there is demand in the market. You should also have a customer base that can be easily identified. Without this, you cannot have a market to support your business.
The niche markets can be used to copy the gaps in the market. So for this suppose that you see that some other business owner has filled a niche gap in a particular industry then you can recreate this and use it similarly in your business. Like suppose you have seen someone enter the woman’s clothing industry you can do similarly in the kids clothing industry.
The legislations that are pending
There could be changes in the industries because of many legal uses. The state and the federal legislation may end up creating gaps in the market. This could lead to many changes in that industry. If you are able to predict those changes successfully then this will let you identify the gaps in the market early and you can then do it on time and take advantage of them.
To be able to make use of this you need to be aware of the industry laws. You can check the updates that are put out by the trade organizations.
Solve the problems that are unsolved
You need to be able to get the essence of the market. You will then have to answer the questions that are yet to be solved. This will let you get close to customers and your products will start to get sold to them.
You could approach your customers and ask them about what they think is missing in the market. You could also look at the trend in the industry for this. The customer surveys give you a lead into this direction. You could also do research on how your competitors are doing and understand what they are doing wrong. This will give you a chance to do the things better.
When you focus on a gap in the market you make sure that you do not get into a market that is already heavily saturated. If the market is already saturated then this is a dead end for your business. You thus check this before you decide to tap a gap in the market.
Find more info on ways to be profitable by making use of the gaps in the market and using it to grow your business.