Only after you have created your business from the ground up, avoiding the influence of what's already there, THEN look towards the existing market; what can be improved, what could be added, etc.
The reason for this method is twofold:� �1)� Finding competition when you first think up an idea can be disheartening, and you may start to make cloudy judgment calls when you feel inundated with competitors.
2) When you form your idea based on your competition, you're confined to the strengths and weaknesses of them, and are only building on what they have already created.� If you work from scratch, you are essentially inventing the industry, and it gives you the opportunity to be even more outstanding. Mind you, I'm not suggesting ignoring competition, but looking at it only after you have built your own foundation.� Otherwise, you're trusting your foundation to your competitors, which definitely isn't a good idea.
The best ideas come from the outside not the inside.
Look at the evening news, they all look the same, and what is beginning to take their place, podcasts and RSS feeds.
For the business I will be launching very soon, I saw a niche because a major player got bought up and mutated away from the customers needs. For inspiration I am looking at related but quite different industries like corporate training, couching and consulting, mainly because they have different ideas that I believe will work very well in the niche I am getting into.
While I am sure there are good ideas in the industry and I will add them in as I find them, other industries have good ideas too and make me look different form the competition.