How/Why did you choose your niche?

[Hackdroot]

So I've got my million dollar idea (LOL, I know), but the obstacles so far are tremendous. I've got a provisional patent app being processed simply because I've been studying patents and it was cheap to file. I need to get a prototype designed and built and will also be dealing with a pharmaceutical. I never done anything like this before, and I have no idea what I'm doing, so it should be interesting.

In the meantime, I need to work on generating revenue to pay for this.

I see a lot of the popular paths here are:

Self Publishing
Importing
Flipping on ebay/craigslist
Services (odesk, etc)
App development/Programming

Not really considering the app programming since it has a huge learning curve and tons of competition. Plus I have no interest in it.

So that leaves the rest. I have no sales experience what-so-ever. I need to get started on something this weekend since I have tons of time at my disposal over the next three days.

I was just curious why people choose the paths they choose. For me, there's really no obvious pull towards any of those options and I hate just picking something at random.

 

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[theag]

Chose my niche because people in it are spending a lot of money on it.

 

[Digamma]

See a need, good margins, and have the skills to solve that need. I don't really care about what it is as long as these conditions hold.

 

[Gsuz]

Following the money trail. Wouldn't touch a niche where you couldn't make at least 3000/day.

 

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[theag]

Wouldn't touch a niche where you couldn't make at least 300000/day.

 

[Andy Black]

CPC < EPC

 

[mystery1994]

CPC < EPC

Can you please, define this?

Cheers.

 

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[Andy Black]

Can you please, define this?

Cheers.

Cost-Per-Click (CPC) less than Earning-Per-Click (EPC)

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Related reading/viewing:

• www.thefastlaneforum.com/community/threads/your-goal-is-to-increase-cpcs.52525
• www.thefastlaneforum.com/community/threads/online-direct-response-metrics.52781
• www.thefastlaneforum.com/community/threads/are-you-only-buying-traffic.52527
• www.thefastlaneforum.com/community/threads/how-to-get-profitable-or-fail-fast-with-adwords.59147
• www.thefastlaneforum.com/community/threads/the-most-important-formula-in-business.52782

And all the other posts linked to here:

• www.thefastlaneforum.com/community/threads/andys-adwords-posts.52850

 

[Andy Black]

So I've got my million dollar idea (LOL, I know), but the obstacles so far are tremendous. I've got a provisional patent app being processed simply because I've been studying patents and it was cheap to file. I need to get a prototype designed and built and will also be dealing with a pharmaceutical. I never done anything like this before, and I have no idea what I'm doing, so it should be interesting.

In the meantime, I need to work on generating revenue to pay for this.

I see a lot of the popular paths here are:

Self Publishing
Importing
Flipping on ebay/craigslist
Services (odesk, etc)
App development/Programming

Not really considering the app programming since it has a huge learning curve and tons of competition. Plus I have no interest in it.

So that leaves the rest. I have no sales experience what-so-ever. I need to get started on something this weekend since I have tons of time at my disposal over the next three days.

I was just curious why people choose the paths they choose. For me, there's really no obvious pull towards any of those options and I hate just picking something at random.

Those aren't niches, they are just ways HOW to deliver value to your market.

Don't think "I'm going to make money by flipping on eBay".

Instead, think "There are people who would like to sell their Xbox and make a little cash. There are people who want an Xbox but don't want to pay for a brand new one. How can I help them?"

WHAT you're doing and WHY is much more important than HOW.

Maybe you can help those two people above without flipping on eBay? Maybe there's other better or simpler ways.

This post might help:

• www.thefastlaneforum.com/community/threads/the-what-why-of-lead-gen.60665/#post-463762

 

[Dwight Schrute]

I went the freelancing route when I was in your position because I could get started right away.

Now I'm in the niche my hobby/passion is in, because I know the common problems and how to fix them,
and my competition focuses too much on tradition than solving problems and providing value.

 

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[Hackdroot]

Wish I could freelance. I'm in IT and already having a full time job, doing IT after hours can be a huge PITA. Also, I've done side jobs for people and it turns into "Well, you were the last person to touch my computer, so you are automatically responsible for everything that goes wrong with it FOREVER!!" syndrome.

I've been reading the importing thread from Walter Hay and Ecom Man and am going to try my hand at importing. It's something that can be done after hours and with a modest upfront monetary investment.

 

[Andy Black]

I found these two podcasts useful:

• www.tropicalmba.com/consulting
• www.tropicalmba.com/services

 

[Dwight Schrute]

"Well, you were the last person to touch my computer, so you are automatically responsible for everything that goes wrong with it FOREVER!!"

Haha, I can relate to that.
I'm not in IT, but I learned the hard way to never sell a friend a used car.

So I've got my million dollar idea (LOL, I know), but the obstacles so far are tremendous. I've got a provisional patent app being processed simply because I've been studying patents and it was cheap to file. I need to get a prototype designed and built and will also be dealing with a pharmaceutical. I never done anything like this before, and I have no idea what I'm doing, so it should be interesting.

Have you thought about offering a big player company a license for your idea?
Since you already have the provisional patent, and you wouldn't even need a prototype.

 

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[Ronnie Bryan]

I am seeing momentum kick up through the people I meet and hearing what they do,The NICHE I am in found me under circumstance, and truthfully, wasn't anything I was trying at the time.There are so many possibilities and I am enthused and confident I will do really well with this NICHE the Hospitality-Housing.

 

[Dami-B]

A growing Market, one where I can see the future and growth potential.

 

[TJPB]

...I was just curious why people choose the paths they choose. For me, there's really no obvious pull towards any of those options and I hate just picking something at random.

CENTS

 

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[Hackdroot]

Have you thought about offering a big player company a license for your idea?
Since you already have the provisional patent, you wouldn't even need prototype.

Absolutely. If I had a working prototype, it would have a much greater impact though on potential licensees. I'd even be up to pitching it on shark tank at that point. I've read "One Simple Idea" recently just to get some guidance on that avenue.