25 Ideas for How to Start a Small Business at Home in 2022

This is called competitor analysis and it’s an extremely useful strategy for assessing the strengths and weaknesses of your competitors. It uses other businesses’ learnings to spot which tactics are likely to work for you and saves you time by avoiding pitfalls that others have encountered. It’s also a useful way to accurately track sales, which you can use the learnings from to optimise your marketing strategy later down the road. A product opportunity gap is when there’s space in the market for a product that solves a consumer’s problem, but the product doesn’t exist yet. It might also be the case that the product exists, but the business isn’t able to push it out to the wider market. Jumping on trends takes a lot of industry knowledge and requires an extremely fast pace.

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