A niche is essentially a specialized market containing a group of people who share a common interest or quality.
Reasons newbies get stuck at this point:
1)They think theyíre going to be married to it (so they stress out and procrastinate making the choice)
2)Theyíre afraid itís going to fail and not be profitable.
(both reasons are basically that they are afraid of choosing the wrong niche)
We can start with one of two possible branches:
1) Something you know
2) Something you donít know
There are pros and cons to both of those sides, but I prefer starting with something you know and are passionate about because:
1) Your enthusiasm will help sell it
2) It will be a better product
3) You can relate to your market
Try not to fall in love with your product idea, as it could become a stumbling block if youíre attached to it.
Consider the possibility of developing several products in several niches over the long term (multiple streams of income add stability to your business), but start with ONE.
The key is research. (make sure itís a good niche BEFORE you invest additional time and money into the business)
Some questions I answer through research:
- How big is the niche?
- How competitive is the niche?
- How profitable is the niche?
Is there potential for back end products? (If not, you may want to reconsider)
Trends and fads can be VERY profitable, but you should consider an evergreen topic if you want to build this particular business for the long term.
People are looking for information to ease their pain or fuel their pleasure. Thatís the kind of information theyíre willing to pay for.