There’s nothing worse than choosing the wrong market to build a business around. The time, effort and energy that go with starting, maintaining and operating a day to day business can be enormous. On the Internet, though, things can be different. You can automate just about everything.
It may not exactly be a “set it and forget it” type of deal, but if you do it right, it’s fairly close!
How to Choose Your Market
1. Choose a market that’s accustomed to spending money.
You may have a good product, but if there are not enough people accustomed to spending money (ongoing and regularly)for the product, you’re going to invest a lot of time and energy while getting very little in return for your efforts.
A few friends became very well known in their business niches in the past. Even so, they made very little money. Why? The niches they chose were mostly comprised of people who couldn’t afford the price point. There were a lot of “admirers” but very few buyers in comparison. Think about the old high school days. How many teens liked fast, sports cars? How many could afford them?
Golf is a good example of a market that’s accustomed to spending money. Most of them spend ongoing money on their hobby. There are loads of golfers out there and they come in all shapes, sizes and ages. The one common thread is – they all spend money on the game.
2. Choose a market that will be open to many different offers
The pet market is a good example of a market that’s open to many different offers. If you take a walk through a pet store, you’ll see just about everything you can imagine.
Food, vitamins, collars, kennels, books, DVD training materials, brushes, etc., are just some of the items that immediately come to mind.
The list goes on and on. Don’t make the mistake of choosing a limited market.