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If you’re a student dreaming of a successful startup, you’ve probably heard tons of inspiring stories of cult brands started by young people in college. However, nowadays, it gets harder and harder to come up with a new groundbreaking idea. It seems that every product and service under the sun has already been invented. 

Nonetheless, it is always possible to find a way to stand out. Notably, the blue ocean strategy exists specifically to find a unique business idea that has zero to no competition. A startup with such a wow factor will require significant effort. Luckily, this guide will help you choose a suitable blue ocean niche for your student startup in a few easy steps. 

Think About What You Lack

To identify your blue ocean niche, you’d want to place yourself in the customer’s shoes. You’ve probably typed countless google searches like “write my essay online” to find the exact service that you need. Think about what you would like to purchase as a student and struggle to find on the market. 

Remember that being the exact demographic as your customer gives you an advantage in searching for your niche. Thus, do not hesitate to try out developing that one idea that emerged from the frustration of not finding the right product. 

Brainstorm the Field of Interest

If you’re looking for a revolutionary business idea, you probably have at least a few options already. Follow your interest instead of chasing the trends. There is no use in exploring the IT market when you’re indifferent to tech. Instead, brainstorm the startup ideas that you’ve already had in mind and narrow them down to things that stand out the most.

Consider focusing on these things.

• Why is your product or service unique? You do not have to invent something but rather look into what makes your business stand out. It might be an environmentally conscious initiative or an adaptable service that can be delivered under any circumstances (such as the global pandemic).
• What does your target audience need? Since you’re a student yourself, listen to what your coursemates are complaining about. They might mention a similar issue that can be solved with the product or service you’re working on.
• For how long will your startup be relevant? Do consider the relevance curve and how your business idea fits into it. Remember that nothing stays new for long. Make sure that your idea can stand the test of time. 

Look for a Wow Factor

The main idea of the blue ocean strategy is practically creating a niche instead of taking the existing one. Hence, you would need a strong wow factor to develop a successful startup with this marketing approach. It is your main selling point, so it would be wise to spend extra time understanding this factor.

For example, the product can offer an outstanding design that will attract a certain niche of customers. As much as Apple is famous for its technological advancements, it has also focused on a unique design that won dedicated followers. Thus, even people who do not bother about tech are buying their products to follow a certain aesthetic. 

Of course, with nowadays opportunities, it is hard to stand out but not impossible. Remember that you’re likely to know already what is the most attractive feature of your startup. Genius ideas are often found in simple things. 

Analyze the Market Situation

After you develop your business idea, look at how it fits the current market. Spend some time to see how your startup corresponds to the economic demand. To launch a successful company, you would need to rely on more than personal needs and experiences.

Collect all the data regarding your field of interest.

• Consider the current state of the industry: research everything about its development and up-to-date direction. Evaluate trends, size, and projected growth. 
• Study your target audience. Distance yourself from it and gather the general data available. Thus, you can have both objective and personal perspectives on the matter. 
• Do spend some time with trade journal articles, surveys, and questionnaires published about your industry. The more information you collect, the more risks you’ll avoid in choosing the irrelevant niche. 

Identify Competition

Even though your goal is to find a niche with as little competition as possible, you’ll still encounter it at some point. Thus, the uniqueness of your niche would be defined by finding the field where competition eventually becomes irrelevant.

To do so, consider the four-factor framework for pursuing low cost and differentiation at the same time:

• the factors that are taken for granted in the industry and have to be eliminated;
• the factors that should be reduced below the standard;
• the factors that should be raised above the standard;
• the factors that should be created to offer in the industry.

Thus, you will see the pros and cons of every option and make a wise decision. If everything falls into place, you’ll choose the niche that will not require beating your competitors to succeed in the market. 

Test the Idea on Your Target Audience

Before working on setting your startup in motion, run the testing on your target audience. You need to understand how your product or service will be received. Thus, you can adapt your idea to the real-life market.

Devise a questionnaire or a survey that you can spread among your target audience. Remember to aim for a sample that will be representative of your potential customers. Collect the feedback and adjust your startup idea accordingly. 

Summing Up

And there you have it. Include a personal perspective, brainstorm the ideas you already have with the industry of interest, and study it analytically. Then, pinpoint your competition within the blue ocean strategy and test your idea with a survey for a target audience. Be patient and use this guide to choose the best niche for your startup.