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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.
 

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
 

thechosen1

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

Walter

I know I am bumping a very old thread but this is a very important point.

The best companies are often not the ones that have the superior technology to create a $5 widget for $1.

They are the ones providing enough value to get plenty of business while maintaining premium pricing.
 

zebroinvestor@gm

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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.
It's really all about finding something that you're interested in man.
Every company or person that made it big started with some sort of interest in the industry; They went out, tested it, built their skill set around it and expanded it or made it worldwide with their brand.

Find something that you'd actually see yourself doing in the next 10 years. And if it's something that you enjoy or you're passionate about, then go in it all in. There's virtually a need in every niche nowadays. Especially with social media, there's always a subset of people who are interested in what you're interested in.

And also, there's a market for each price range too. Whether it'll be being the cheapest or the most expensive. You have to decide that too.

It's like that with every segment of the market. Think about cars for instance.
You want to buy a cheap but reliable car? There's a market for that. You can buy a Toyota Camry, Mazda CX5 or Peugeot 5008.
You want something more expensive, more dynamic and luxurious? You can buy a Mercedes-Benz AMG GT 63S 4-DOOR, BMW M5 or Audi RS7.
Or if you're a competitive junky like me and want the best of the best? There's a market for these individuals too. You got a Ferrari 812 SF, Lamborghini Aventador SVJ, McLaren 720s, Rolls Royce Phantom, Bentley Continental GT etc.

But wait, there's also a class above that; Bugattis, Paganis, Koenigseggs etc. These are something else but there's a tiny niche of buyers in that market as well.

Now, there's a buyer for every car(or class) that I've just mentioned.
Whatever it is; clothes, watches, jets, boats, food, entertainment, education etc.
It's all about testing. And from that testing, you'll be able to see what you like/what gives you joy and after that, try to find ways to monetize it.

It's the same in dating. You don't know what kind of girls you like until you go out there and start dating, and then you'll be able to assess which ones fit your criteria the most.

Good luck!
 

WJK

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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
If you provide superior service, you can and should charge more. I find that a lot of larger businesses create gaps that are an opportunity for savage businesses.
 

zebroinvestor@gm

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If you provide superior service, you can and should charge more. I find that a lot of larger businesses create gaps that are an opportunity for savage businesses.
Exactly. Most of these one man operation businesses think they have this "know it all" kind of mindset, and they aren't willing to be helped. Let them go.

I think you'll relate to this; When I contact business owners who got a serious company(high 7-9 figure companies), they are a lot more open to receive some help with their business; whether it'll be saving them time, improving their marketing, customer experience etc. Whatever it is. It never ceases to surprises me, that the guys who seem to be very successful in business on the outside are the most open.
 

Walter Hay

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Exactly. Most of these one man operation businesses think they have this "know it all" kind of mindset, and they aren't willing to be helped. Let them go.

I think you'll relate to this; When I contact business owners who got a serious company(high 7-9 figure companies), they are a lot more open to receive some help with their business; whether it'll be saving them time, improving their marketing, customer experience etc. Whatever it is. It never ceases to surprises me, that the guys who seem to be very successful in business on the outside are the most open.
Large size can be a big handicap.

EXAMPLES from my experience running a one-man industrial chemical business in Australia that I grew to international level:
  • I obtained a product from a multi billion $ multinational and sold it to them. I knew how to use the product but they were blind to the product's possibilities.
  • Given a lead by a chemist at the Australian branch of a huge American company XYZ I solved a problem for one of their customers (a US company with 23 factories worldwide employing 300 chemists). The problem was costing them millions every day and those 300 chemists couldn't fix it.
  • The manager of the Australian branch of company XYZ was so impressed that he urged Head Office to buy me out, but the response was that my business was too small.
  • One of my regular suppliers of raw materials, another massive US chemical company introduced a new, improved product. I bought it, modified it, and successfully sold it in competition with them because my modification greatly improved it's performance.
  • A large UK chemical company offered to buy me out. When I refused they began competing with a product 1/2 the price I was selling at. My product was superior because I had formulated it to suit the industry. They could have doubled their offer to buy my business and I wouldn't have sold to them. I had a monopoly in that industry with a loyal customer base informing me of the newcomers' every move and obtaining samples from them for me. Only one customer bought from them, but when the new product caused a production disaster for that customer within a couple of months the newcomers gave up and went home to the UK.
Big companies often have a problem with being one eyed.

Walter
 

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