The Right Market
The Right Market
There is really no such term as a right market for everyone. What is right for an individual may not be right for another. In this aspect, I would rather refer to it as a niche market.
A niche market can be divided into the following 2 points:
(a) A niche market which you are interested in or one which you have as a hobby.
For example, Golf, Gardening, Cooking, Fast Cars and the list goes on and on.
(b) A niche market can be a market where there is not many people supplying the products for it. It can be due to the high amount of knowledge or expertise that is required for that market. For example, instrumentation, wafer fab, medical, education for children with special needs and many others.
Ultimately, which market you would choose would be highly dependent on your level of comfort and proficiency in it. Most importantly, it must be profitable. You would not want to waste your effort and energy in a market that is not profitable. Therefore, please do some study in your chosen market before plunging into it. The following are some ways which you can do some study in the market of your choice.
Let us think about your interest area. For example:
Fishes as pets --> especially neon tetra.
Sewing --> especially cross-stitch.
See what we have done? We have narrowed down your interest more specifically. We will now more in deeper into the core of your interest.
Neon Tetra --> breeding them (It is not that easy to breed captive fishes)
Cross-Stitch --> Cross-stitching as presents for the sick (To brighten up the dull mood of the sick)
Many of us simply state our hobbies broadly. We are not specific enough. If we focus more on the specifics, then what we have done is created niches for ourselves. Take some time to think along these lines so that you would come up with your own niche market.
Now we will look at how to gauge the profitabilities of of niches.
Online (Fastest searches)
(a) Search engines.
Yahoo.com or Google.com
You can check with search engines like Yahoo or Google. Check what are the available resources that are in the internet. We can also have a feel of what our competition are. Go to their web sites, see what they are providing and think of what you as a customer can find or cannot find in those sites. Make notes of how you can stand out from all those competitors out there. Try to pinpoint on the problems of the customers and come out with a solution for them. Remember, customers buy solutions rather than products most of the time. They will buy what you have if you can solve them problem and more so if you can solve it in the shortest period of time.
Overture.com
You can also go to overture.com to see the number of searches that have been done in your niche market. This would be an indication of your niche market. The higher the number of searches, the higher the possibility of its potential.
Offline (Traditional method but still good)
Newspapers, magazines and television. Look out for the advertisers. Businesses often would advertise more if there is a potential in the market. Especially if these businesses have been around for a long period of time (for example, Macdonalds, Toyota, Dell and Microsoft).
Please take out your pen and notebook and start to write down your interests, narrow it down and write down all the possible problems would be customers are looking for solutions.
To Learn more on how to create an online business that is fully automated, please email me at terence@journeystofreedom.com
A successful coach and mentor for youth and teenagers. Founder of www.journeystofreedom.com
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