The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

How to approach a small market?

Diogo Santos

New Contributor
Read Millionaire Fastlane
Jun 7, 2015
23
14
25
Hello!

I'm going to tell my story, and then I will tell you the problem I'm facing if you're not interested in reading the story just skip to "STARTS HERE", thank you!

So where to start.. A couple of years ago, I was stuck at a 9-5 job I hated and I was really lost in what to do with my life and so I decided to search, "how to make money online" in the internet, and I've found a book by Robert Kiyosaki called "Rich dad poor dad", as I'm sure most of you know this book, I fell in love with it and went to search for more related books.
That's when I've found TMF, and I was mindblown. Never in my life, I thought I could make my own business and have success in life, and have the thing I value the most "being free".

After finding this gold gem I decided I wanted to change my life, I searched about meditation I made multiple schedules, I joined a gym and started eating healthy, but the only thing I've maintained until now from this is the gym and eating healthy.. it kinda became a habit and I just don't stop, I failed miserably at the schedule part and meditation.

I then found this Forum and started looking around, and decided to join, later on, this was in 2015 so 4 years ago.

And until this day I haven't done anything relevant, not because I don't want to but because I get stuck on choosing a product idea...
I've seen countless courses on Dropshipping and print on demand, I was in multiple facebook groups around these subjects, seen multiple videos on youtube, seen multiple forums, and the best I made was a website in Shopify used Oberlo to source products and put them on my website, long story short i had around 5 stores with 5 different niches, nome of them went live (I made one at the time not multiple at the time).

All of this happened 3 years ago.

Then I gave up on the idea because I knew it was not the ideal business type because I lacked control over it, and shipping times were really big and it could be easily copied by some other person.

Then I tried eBay, yea still lacking control I knew it wasn't the best choice as well but I just wanted to make something, anything just to make me start, I started watching flipping videos on youtube, and heck I decided to try it myself.
I sold Macdonald's toys, a happy meal here in Portugal costs around 3.30€, and I saw toys being sold around 9.95$ to 15$ on eBay, but I didn't really buy the happy meals I just bought the toys "around 200" on bulk from a guy on a website called OLX ( used goods website ), I bought them for 25€, and I sold about 100 ( still have the other 100 at the house but I stopped selling them ), so I made my money back and some more of it, but I just couldn't scale it and the profit margins weren't that big because I had free shipping worldwide, and some toys I had to lower prices because they weren't selling for months.

All of this I was doing while having my 9-5 job, and since I had an income I got comfortable on my job even though I hated it...
But time is passing by and I'm realizing, if I don't do this now, I will regret it big time.
So I quit my job, and went to live with my girlfriend ( 5 years relationship ) which was living in another town, things went wrong passed 3 months, and we broke up. I had to quit the job and had to head back to my parents' house, and here I am, I had some money saved from the jobs I had, because I saved at least 60% of my income every month, and so I decided I would not find a job, for now, to focus 100% on creating a business.

STARTS HERE

So now I'm trying to focus on Portugal market, I want to create my own brand, website and make ADS to makes sales, but I'm stuck in the niche selection...
Portugal is not that big of a country ( around 10 million people in total ), and I'm thinking of using FB ads + Instagram.

in Audience insights I see there are around 7-8 million active people in facebook.

The most common thing I find in facebook is apparel for woman, searching only Portuguese pages, and I see that most of the products are from Aliexpress, and they don't even have a website, they just sell directly on Facebook, I see a space for improving here, but I'm not sure I wanna compete here because the market seems so saturated..

I even searched Socks, since it's kind of broad and I don't really see many of these apparel stores selling, there are some socks on Alibaba and even Aliexpress that you don't really find here in Portugal, but I just don't see space to profit in this niche.. ( yes i know the sites I mentioned are not the best places to source products, specially Aliexpress for the pricing).

Let's say I go after a big niche like "dogs" it has around 1.5-2.0 million people, it's too broad and hard to target, so I search for "labrador retriever" and it drops to 90-100k people only.. it seems so small, that I'm not sure if it's a viable market to invest in.. and I don't even know what products to sell to a community like this, I can only think of apparel like "print on demand" stuff..

I want to go niche because I have a bigger chance of converting sales, but since Portugal is such a small market I'm not sure if I'm not gonna be able to scale later on...

I'm pretty sure I'm overthinking, every niche I think in trying and do the research seems to have some sort of problem, I think I'm trying to find the perfect niche and that ain't gonna happen, but I just wanted to make sure that at least I'm not failing in such basic stuff, like being sure I can scale the business and have customers to maintain it...

Thank you for reading, and if you have any suggestions I would really appreciate them!
 

Don't like ads? Remove them while supporting the forum. Subscribe.

rwhyan

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 27, 2017
126
309
176
Los Angeles, CA
I want to go niche because I have a bigger chance of converting sales, but since Portugal is such a small market I'm not sure if I'm not gonna be able to scale later on...
You are worrying about step 2 when you haven't done step 1 yet.

Cross the next bridge when you get to it.

Start with a small niche, don't even worry about scaling it yet.

And chances are, as long as you aren't selling low ticket items to a small niche, you can probably generate a lot more revenue than you may think.
 

NMdad

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 6, 2017
470
915
339
New Mexico
You are worrying about step 2 when you haven't done step 1 yet.

Cross the next bridge when you get to it.

Start with a small niche, don't even worry about scaling it yet.

And chances are, as long as you aren't selling low ticket items to a small niche, you can probably generate a lot more revenue than you may think.
Agree. Start with a small niche in which you can create a beachhead, and which would allow you to expand into a medium/larger niche.
 
OP
OP
Diogo Santos

Diogo Santos

New Contributor
Read Millionaire Fastlane
Jun 7, 2015
23
14
25
You are worrying about step 2 when you haven't done step 1 yet.

Cross the next bridge when you get to it.

Start with a small niche, don't even worry about scaling it yet.

And chances are, as long as you aren't selling low ticket items to a small niche, you can probably generate a lot more revenue than you may think.
You got a point, I was trying to make sure everything was ok before I started, so I don't build a house on a weak foundation, and it falls later on.

But I can always start small and then expand as @NMdad said.
 

GravyBoat

Silver Contributor
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Nov 25, 2013
530
629
299
San Diego
These questions are too broad. Pick something and run with it. You can always expand overseas?

in Audience insights I see there are around 7-8 million active people in facebook.
Also this is F*ckin crazy. That means 70-80% of the ENTIRE POPULATION of Portugal are on Facebook!!
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.



Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom