I’d like to take just a minute to dispel, as well as I can, the myth of there being such a thing as a “good niche” or a “bad niche”. Do you think there is such a thing as a “good niche” or a “bad niche”? I’m going to argue that there is not. You’ve either done adequate research or not. That’s all there is.
No Such Thing as a “Bad Niche”
There is no such thing as a bad niche! You can make money on nearly anything. The point of this post is to hopefully get you to look past the niche and to look at what really matters. What you sell doesn’t matter nearly as much as how you sell it. Look at all the millions of dollars being made around the world by selling substandard, crappy products. I’m not advocating low quality of course, but I’m saying that your business plan matters much more than what you’re selling.
Thinking about whether your niche is good or not puts the focus on the wrong place. The focus needs to be on research and planning.
- Is there strong demand for what you’re selling?
- How have you verified this?
- What are you offering to fill this demand?
- How much is your target market willing to pay for this?
- How do you know?
- How do you plan to reach your target audience?
- What sites do your target buyers visit most regularly?
- Do your visitors prefer text or video content? How do you plan to engage them?
- Are your buyers more inclined to respond to a free ebook as a premium, or are they more responsive to a physical product, or perhaps a service of some sort?
- Again…how do you know?
These are questions you should be able to answer. You don’t need a “good niche”. You need a good business plan!
No Such Thing as a “Good Niche”
Just as there is no such thing as a bad niche, there is also no such thing as a good one. There is no magical niche that will make you successful. If you’ve done your research and found that you have an actual, valuable solution to a real demand that exists, and you have a solid plan on how you’re actually ready, willing and able to supply that solution, you will be successful, period.
Likewise, if you have an awesome product that people really would like, but you fail to connect to the right people, or if you fail to market the product properly in any number of ways, you will fail, period. So it’s entirely possible to have a “good niche” and still fail. Your niche doesn’t matter. Your plan matters. Research matters. Do the work up front. It’s worth it!
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