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Finding the right niche to get into when starting out in business can be a difficult one. Should you go into a niche because you know it? Or into a niche because you like it? Or maybe into a niche just for the potential income you can make? Well all three wouldn’t be bad now would it?
You know over my time as an entrepreneur I’ve started 8 businesses in different niches and industries and all of them I started because of different reasons, so the bottom line is, you never can really tell which niche will become successful for you, but what can give you a 80% to 95% chance of winning in your niche is doing all the necessary research before going into one.
Let’s take a closer look at how to find the right niche for your startup idea and business and if you are already within your chosen niche how you can become successful within it.
Understanding The Niche Market:
When selling a product, a lot of people make the mistake of developing their product first, and then trying to find a market for it. Of course, the process should be reversed.
Find a market first that spends money, then find out what they want and give it to them.
This is certainly easier said than done, but there are a lot of places online where you can do your market research for free. They’ve done most of the work for you already. You just need to know where to go and what to do to connect all the dots.
Let me show you the process I go through when I’m trying to brainstorm for ideas when starting a new business project.
For starters, I’m always aware of trends and current events in the real world. I read several newspapers each day, many magazines, both general and niche-specific, I watch the news, I listen to the radio. Occasionally something that I hear or read will stick with me. I may record my thoughts on my portable voice recorder; jot down some notes, whatever happens to be convenient for me. Sometimes I’ll call my office voice mail and leave myself a message.
But at some point I’ll have several broad ideas to research. I want to look deeper. And I want to make sure there is a good market for them before I even think about creating a product.
So I’ll begin completing the following steps:
To begin with, I check out the hottest search trends at Google Trends. If I am targeting the US market, I’ll click on “U.S. Trends”
otherwise I’ll look at “Google Trends Around the World.” At this point I am just looking for ideas.
If I see that a particular topic is hot, I’ll make a note of it and look at more targeted sub-niches later on at more specialized sites (which I’ll show you shortly).
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