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Picking a niche

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Wiezel

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It's time for me to get the entrepreneur life started.
No more average jobs, no more time and money wasting.

I really want to get going but I'm stuck in my head on what niche to focus on.
I've taken a look at my hobbies but not really sure if I should go there (gaming).
My plan is to get a niche, narrow it down to a specific part of that niche and get in contact with as many business owners as possible to find out what the problems and needs are for this area.

If something is mentioned a lot I might have a thing to get going with, learn the skill and start going the fastlane.

Can anyone suggest me on how to get this sorted out? I really can't wait to get going.
 

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Merging Left

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What else do you need? Write out a list of niches that come to mind (pets, lawyers, accountants, doctors, gyms, car dealers, etc). and start making calls. Sort by which niche industry interests you the most and see what sticks. If the problems they're describing are either too daunting for you, move on to the next niche.

Seriously, just pick one and start calling. Every niche has needs.
 

lowtek

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Taking suggestions from the mob is the fastest way to fail. We don't know what you're good at, what you're bad at, or what you can be bothered to learn. Only you know those things.

Don't do something just because somebody else had success doing it. Do something because you are capable of doing it and there is a market need you can fulfill.
 

rwhyan

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Either:

1. Choose the most unsexy, boring niche that your past experience, strengths, and skills apply to.

OR

2. Choose the niche that your past experience, strengths, and skills apply the most to.
 

MHP368

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I'd reread the books first.

Why not start a business in a multibillion or trillion dollar industry and just do it better than the competition?

You might be hampering yourself from the getgo just from having "find a niche" as a mindset
 

Walter Hay

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Don't be afraid of competition. Just beat them at their own game.

When I started my first business, my competitors were giant multinationals. After a few years I had two of them referring customers to me for those problems that were too hard for them.

When I started my second business, the major supplier had about 90% of the sub-niche that was the most lucrative within the wider market sector. That was their big weakness.

It made them complacent, with poor customer service and poor quality control being the main consequences. Within 2 years I had over 30% of that market and not long after that I had over 90%. That competitor relinquished that market sector and moved into another that was of no interest to me.

I never sold on price. In fact my prices were the highest in that market.

Walter
 

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