Before Starbucks came on the scene my wife and I didn’t sit at a coffee shop very often. However, we do it about once every two weeks now.
In a way Starbucks has carved out a niche market. They didn’t invade a niche market and then dominate it, the just created it.
You may not think there are very many niche markets left in America, but trust me, there are.
When thinking about your niche market, think about the abundance of information in your niche. Steve at InYourWeb says, “there has to be plenty of new content ideas available on a daily basis.”
This is true, there must be new information…unless you sell products in a retail environment. The internet is an ever changing place and you have to keep up. If you are a retail book store specializing in History, you don’t necessarily need fresh content.
When attempting to carve your own niche, think about these three things.
1. The money to be made in that niche.
2. The amount of potential customers in relation to the total population.
3. The amount of work it will take.
After determining that your niche idea is a winner, go at it full steam. If it doesn’t take off, chalk it up to experience and look again.
Happy Niche Hunting!
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