The Psychology Of Choosing A Niche
Here's my simple formula I use when deciding whether or not I'll get into a niche.
Niche = a distinct segment of a particular market.
My due diligence questions:
1. Is the niche trendy?
2. Is the niche currently trending, or is the trend almost over?
3. What's the actual volume demand of the niche?
4. Will the volume of the niche allow me to make a full time income?
5. Is the niche sustainable? Or is the market collapsing?
To me it doesn't make sense to put my efforts into something that's just the flavor of the day. I like to look at a niche as my favorite TV show, and whether or not the characters on that show can have spin-off shows of their own. It also helps me also to think of a niche as a big tree, with potential seeds that fall onto the ground that can create another niche; or is the niche I'm in have branches to it?
This helps me save lots of time, energy and money when launching something.
Hope this helps,
-Fred
Recent Comments
5
excellent Fred. thanks