This one’s from Jay Brooks and it looks like he was in the military. And he says “I’m currently an ER nurse with a BS in Business and Computer Science.” And he once started a technology based company with $500 grew to over, in a few years, to over 400 K a year. Now I’m gonna jump a little ahead ’cause it’s a long comment.
Basically, I want to create a business where I can do the internet and still have interest in helping others in business, but he’s having a difficult time picking a niche. I’d like one that isn’t too crowded, like internet marketing, SEO, something like that.
So in other words, he’s trying to find a niche that’s not too crowded.
And if you’re trying to find a niche that’s not too crowded, that’s the wrong way of thinking about it.
If I tell you a niche today that’s not too crowded that you can do well, you’re not passionate about it. You’re not going to do as well in that niche versus something that you truly love.
For example, you’re in the military. Whether it’s the Army, whether it’s the Navy, We’re assuming ’cause you’re dressed up in a military outfit. I appreciate the service.
And if you’re not sure what you’re passionate about, what I would recommend to you, is to go and try unique and new things every single day that you think that you like. Eventually you’ll learn what you like, what you don’t like, and what you’re good at. What you’ll find is? What you like and what you’re good at? Usually go hand-in-hand, ’cause when you like something, you’re probably usually naturally good at it. Or when you like something, you’re probably better at it. Or you’ll end up finding out, oh I like this but I can’t see myself doing this for a whole week or a month.
And if you like something enough, you’re like, Alright let me try it out for a whole week. Alright, I still like it, I can see myself doing it for the rest of my life. Try it out for another month then, see what happens. Eventually you’ll figure out something you’re passionate about and then go find problems that you can solve within that space. Don’t pick a niche based on income, pick a niche based off of passion, and make sure it has a really large total addressable market size.
If you’re not sure how to find that out, do two things. One, go to Google Trends, type in keywords within your industry and space. You’ll see how big it is. Make sure it’s much larger than digital marketing, in comparison when you’re using Google Trends. You can compare both of them together. In addition to that, look for publicly-traded companies within your space.
If you can, find companies that have multi-hundred millions of billions of market cap from whatever industry that you’re looking to get into. That’ll tell you that it’s a big niche. Assume that the market cap is made up from the revenue, or line-item that from the industry that you’re thinking about getting in, ’cause companies like Google have multiple things from Chrome books, to phones, to ads, etc.
So you have to figure out what revenue stream is from the industry that you’re interested in. And then from there, you can go and carve out a quote-unquote niche within that space and solve a problem, but look for a bigger market. Don’t look for a small one.
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