Once you think to quit your daily job life when you have an awesome business idea in your mind. But think before investing your time and money in it, search that if your startup idea is already taken by someone or not?
The answer to this question is necessary to be searched out to see that you are not making a replica of the existing company and wasting your time.
There are billions of businesses which work globally and most of the businesses are not popular so they do not work at the global level but have a license for their product.
So, in such situation, it is necessary to have knowledge of the product ideas and its market.
Startup Ideas Exist
Firstly, you can share your business ideas about your startup with your friends or colleague and ask them if they know any company working on the same idea.
In this way you can connect with more people and more will be the awareness.
Secondly, you can take the help of the crowdfunding platform like KickStarter. As the user of Kickstarter invests in different business ideas, they are familiar with the different startup ideas. Connecting with them will help you to identify if this startup idea exist.
Also, this will help you in estimating the success chances of your startup idea and will help you to raise money for the same. Also with the help of these users, you can improve your product.
OR you can also search on the Google. Type the keyword related to your niche ideas and analyze them if any of the company acting on the similar ideas or not.
Since every business nowadays has an online presence, it is easier to find your competitor online.
Or you can go to crunchBase where you can find all the startups, their role, owner, founder, business ideas and then you can contact them if you have a similar business idea or a product and buy the license.
Similarly, you can also find an investor on CrunchBase which can help you to identify that your startup idea is unique or not.
And if you do not find any company with the same business idea, then it is awesome but at the same time risky too!
This may also indicate that there is hardly any market for your idea you had been working for. And if you find out someone is working on the same startup idea, don’t lose heart!
There’s hardly any unique idea in the market; most of them are just a better version of the others.
So, do research work and find what their weaknesses are and how your startup can overcome them. In short, work to provide better services to your customers. Apart from this, having a competitor is healthy.
It signifies there’s a need of such startups in the market and so, you should get in!