Going in a niche where you know nothing?

[Jeannen]

Hey hey!

I'm curious to hear real-life experiences from people who launched products/services into niches they knew nothing about.

For context, I have an app generating a decent amount of revenue per month, and after talking with a customer, I saw an opportunity to make a clone of it for a specific niche. I already have the product, would probably take one week or so to duplicate it (will just need to adjust some features, pricing, etc)

In terms of acquisition, I should be able to get new users since the competitors in the space seem overpriced and not that good at marketing. My current customer also has lots of contacts and would be down to do affiliate (commission for each sale)

My only concern is that I do not know anything about the niche. But I can easily hire people on Upwork/Fiverr for counselling.

Has anyone entered a new niche and done well?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Sirrom]

Sounds like its a very low risk move, with big upside potential.

I went into the solar industry while knowing nothing about it. Took me two months of intense study to fully get it though.

If you have the product ready, and you can also get customers. Then what are you waiting for?

 

[Jeannen]

Sounds like its a very low risk move, with big upside potential.

I went into the solar industry while knowing nothing about it. Took me two months of intense study to fully get it though.

If you have the product ready, and you can also get customers. Then what are you waiting for?

Oh nice, so you did research before going in? Did you interview people from the field or did you do it on your own?

 

[Sirrom]

I learned through Youtube

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amp0193]

Has anyone entered a new niche and done well?

Yes.

In one sense it can be an advantage because you will see opportunities and think of ways to do things that are outside the norm.

On the other hand it will be a barrier because you don’t know the lingo, and don’t truly understand the need it is that you are trying to solve.

Jump in, but be prepared to do a deep dive to wrap your head around it. I don’t think you can hire out category fluency. You have to understand the game you are playing to know where the opportunities are.