17/01/2021
Two days ago, a client called me and said she has X amount of money and she does not know what business to go into.
I gave her a couple of business ideas which she can easily grow into a huge money spinner if she is tenacious and consistent. She said "there are a people doing it na" .🙄 You see this👈 thought, have made a lot of people walk away from really great ideas and loose potential money makers.
Now here is the thing about "saturated" market, (saturated means when something is every where, in simple terms. You can also contact Google for more info ).
Now here is the thing about a seemingly "saturated" market. A market is never saturated in my thinking.
One thing you should understand when playing with business ideas is that, you are likely not the originator of that idea, there are 7 billion people on earth and they are all thinking and most likely smarter than you.
If there are people doing the same business it saves you the time to do a feasibility test ( a test to see how viable the idea is or simply put, test to see if the business will be successful ). It also creates a competitive field for you, which most likely can spur you to success , what you need to do at this point is see what they are offering or doing and look for ways to be different and better.
So what you need to do in this case, is to tweak the idea a bit.
Find out where they are not doing great and become great at that thing.
Simple example, Kuda bank and other banks. What Kuda did was find a pain point in the market ( pain point is the area where the market lack, or customers are complaining the most).
They saw that customers are complaining about extra charges and what did they do, they came out with no charges and pushed on it. They offer 25 times free transaction on their app.
The minute you start seeing saturation, you will never get that idea off the ground. What should you think about instead, two things. Can I come in as a substitute for the market ? Or better than those in the market. 🙄
