We are working through a series specially designed to help entrepreneurs who are trying to choose, narrow or firm up their niche in some way. We’re on clue four today, which is something I call, “Observe What is Already Working in the Marketplace.” If you’ve missed any of the other clues you can find them on my blog, www.top6businesscoach.com/blog.
Niche Angst is Real!
Firstly, I want to reassure you that I know that niche angst is real! It can be difficult to actually settle down and figure out your niche. That’s why I’m doing this series.
A Common Niche Mistake
One of the bigger mistakes that we see with people trying to start their own business is that they get wildly caught up in the excitement of their own business, their own passions, and their own ideas; and they forget something really important—and the really important thing is: they forget to look and see what the demand is in the marketplace.
Trust me, you don’t want to do this. There is nothing harder than building a business and trying to sell a product for which there is very little demand.
Look for the Demand
Now, while you’re at the early stage of your business, I really urge you to sensibly look at the marketplace and make sure you’re starting a business and offering a service for something that people actually want. Look and see what’s working. FIND THE DEMAND!
If other entrepreneurs are thriving with a certain type of business, chances are you can too. Test that demand really early on or, make sure there are plenty other business operating in your space AND making a good living.
If you are the only person offering a service, I need to give you a warning. It’s possible that you’ve invented something incredible and amazing and you’re the next Uber or something…
However, it’s not that likely! We have millions of entrepreneurs in the world. If there’s absolutely nobody in your space, you’re in a high-risk environment. There’s no proof of concept yet. I don’t want to rain on anybody’s parade—you may have an amazing idea. But more likely, scores of other entrepreneurs have tried and failed. Sorry!
A Proven Concept
What I love about viable businesses that are already in the marketplace is that they work. They are a proven concept! People are already making a good living from them. All you have is competition, and guys, it’s not that hard to be better than the competition. You just have to work a little harder and do a few things that they’re not prepared to do, and viola, there you are. So don’t fear the competition, just be better. But, do look around the marketplace and make sure there’s good demand for your business before you put the effort into building something that nobody wants.
I hope that’s helpful for you. If you’re still struggling then I strongly suggest you come to our Niche Secrets Master Class. You can register on this page. What I do there is I go over the three components of what you must have in your niche to build a strong platform from which you can have a viable and healthy business. I hope that helps.