Many people get confused when they are asked to find out what their niche is. This again is due to the fact that they are told to find out what their passion is and based on that, to identify their niche, to run their businesses. Unfortunately, for most people, spelling out, the topics they know reasonably well is not an easy process . They seem to have developed a mindset that to answer this question they need to be real experts in the area of their passion. Fortunately in the real world this is not the case. What follows will clarify this matter.
A lot of people make the mistake of developing their product first, and then trying to find a market for it. This is a sure path to failure. Why? They don’t know if there is demand for their products. They have not ascertained the competition in the market. And lastly they do not know if they can make real money selling their products.
The way to succeed is to follow the step by step plan detailed below:
1. Find a market first that spends money on products or services.
2. Then find out what they want exactly to satisfy their needs.
3. Develop or acquire the right products or services that meet the above needs.
4. Market your products/ services aggressively.
5. Find out what more your market needs.
6. Keep developing new products/services and keep the market satisfied fully.
Discover Your Niche Markets in this publication that will explain this process in greater detail. Once you identify your niche [market] and find out what exactly the market wants, you need to work out the following:
a. How much demand is there for the product?
b. How much supply is available to feed the market?
c. How profitable is the market?
How do you find the answers to the questions above? By doing research, systematically, using proper tools. Quite a few tools are available for free. So, the initial market research, identifying the niche, collecting data about supply and demand and determining if the market is profitable can be executed with practically no cash outflow! If you do this right then you will zero in on your niche market, where the demand is high the competition is not overwhelming and the profitability is reasonably good. Does this make you feel, now, more comfortable about this topic? Download and read this Niche Market e-book to understand the step by step details clearly.
