If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an entrepreneur to share how she found a market gap and capitalized on it.
In this edition of “Ask the Board,” we feature Traci Channer, Founder and CEO of The Decided Collection, an e-commerce company offering thoughtfully designed apparel that helps young girls feel confident, comfortable, and cozy. Channer caters to a very niche audience, and that has led to her success. Here’s how she uncovered a market gap and took full advantage of it.
My story started as a dream when I was young, as many do. I had always wanted to start my own company — I just didn’t know exactly what it would be. When I left corporate America in 2021, I wanted to spend more time with my young daughter. Little did I know that she would be the inspiration for The Decided Collection.
As she grew up, so did her taste in clothes. We couldn’t seem to find pajamas that I felt were age-appropriate and that she felt weren’t too “cutesy.” Why was it so hard to find something we both loved?
That’s when I knew — there was a gap in the market, and I wanted to be the one to fill it. Today, I couldn't be happier to be working tirelessly with other phenomenal female entrepreneurs to bring my dream to life.
How do you identify a gap in the market? Here are some of the methods that worked for me when I started my journey.
Be observant
As you are beginning to think about your business idea, be observant and think about a product or service you wish existed. Consider something that you, your kids, or anyone else around you might be struggling with. Find a pain point and ask those around you if it is a thorn in their side too. Then start thinking about how that pain point could be solved.
Alternatively, is there an existing product or service you think could be done differently or better? Could you put your own spin on it? There is only one you, and your ideas are unique, so while this product or service might already exist, don’t let that deter you.
Think about how many salad dressings we have to choose from at the grocery store! Dissect your idea, and identify everything you would keep and all the things you would want to change.
Identify your “why”
Once you have identified your idea, make sure your why behind it is incredibly strong. Is this something you can’t stop thinking about, will fight for, and even when things get tough, because they will, you won’t allow yourself to give up on? If you don’t pursue this, will it be something you always regret? In case you were wondering, all of your answers to these questions should be a resounding yes!
There is no greater feeling than having an idea and seeing it come to life, but that is just the beginning. You will learn something daily as an entrepreneur.
Research, research, and research
Do your research and don’t let a discouraging conversation or a no make you doubt yourself! If this is a true gap in the market, it might be hard to find other companies to benchmark off of, but that is OK.
Gather as much information as you can about what you are looking to create, your target market, listen to podcasts, etc. Share your idea with people you trust, and have them provide their input and feedback.
But keep in mind, this is your idea. Take in all of the information, but know that not everyone is going to understand what you are trying to do. Don’t allow doubt to creep in. Continue to follow your gut and just keep going.
Leverage relationships and surround yourself with good people
My background is not fashion. I was completely naive when I started, but once I said my idea out loud and shared it with those close to me, one conversation and introduction led to another. It was months of putting one foot in front of the other, meeting with different people, and continuing to do my research. Another great option is joining a networking group.
When I joined Entreprenista, it was a game changer. I met some of the most talented female entrepreneurs, and today, I have an incredible group of women supporting me and the business. Whether they are existing relationships or new ones, get yourself in the room with like-minded people. That kind of support will take you far. You will be amazed at how much people want to help you achieve your goals.
Prioritize a trademark
Once you have selected your company name, be sure to work with a trademark attorney. The last thing you want to do is build a business, branding, collateral, products, etc., and find out you can’t use the name and/or designs you created.
It is an investment, but one you won’t regret. It is a lot cheaper than having to pay to recreate all of your assets, potentially change your company name, or have another company take legal action against you for trademark infringement.
Go for it
There is no greater feeling than having an idea and seeing it come to life, but that is just the beginning. You will learn something daily as an entrepreneur. Some days you will feel on top of the world, while other days, you will wonder, “What am I doing?”
Know this is completely normal, and everyone feels this way. Being an entrepreneur takes grit and the ability to bounce back when things don’t go as planned. Every day is different, but that is the fun part. I can promise you that you won’t regret pursuing a dream, so go for it! You never know where it will take you.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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