We often get asked how to best choose a niche for a new business. So today we are going to share our best tip with you.
Let’s start this off with a story about a drink of water:
A small boy is sent to bed by his father. Five minutes later…. “Da-d….”
“What?”
“I’m thirsty. Can you bring a drink of water?”
“No. You had your chance. Lights out.”
Five minutes later: “Da-aaaad…..”
“WHAT?”
“I’m THIRSTY. Can I have a drink of water??”
“I told you NO! If you ask again, I’ll have to spank you!!”
Five minutes later……”Daaaa-aaaad…..”
“WHAT!”
“When you come in to spank me, can you bring a drink of water?”
Now, we share this story because it shows a good understanding of efficiency and knowing the environment and world around you.
Which coincidentally is actually the best way to choose a niche.
Simply go with what you know, and that which is around you already.
This may sound obvious, but you would not believe the amount of people who choose a niche because it sounds good, or they know of someone else who has done well with it.
Listen, there is a lot of money in the real estate investment niche, but would I enter it? Not a chance! For a start I don’t know much about it, secondly, it is not part of my life already, and thirdly, I would bring nothing new to the niche.
So be efficient, do what you know, do what you love, do that which you already do regardless of whether it is profitable.
Retiredat21
8 responses so far ↓
1 Hendrik // Oct 22, 2008 at 8:42 am
Some time last year I discovered retiredat21, was a great blog at that time already. Today I came back by chance and I have to say WOW. The front page storries are already really great, all of them. Now I will go on reading on page 2
And talking about my niche, I chose a quite off the beaten path niche, but it really suits me. I didn’t expect the success I have now.
2 Jody Palmer Model // Jan 9, 2009 at 7:54 am
We need to love what we are doing and investing is a tough decision we need to be smart and have a heart to feel if this is really what you think will make you successful.
3 Ariyes // Jan 16, 2009 at 8:05 am
I just follow the way which you said and i am coming up step by step by this way!
I have followed what i know at the first!
But now,automatically i am following many systems to earn extra money because of following the first way i.e i have done what i know!
thank you!
4 goacom // Jan 24, 2009 at 5:43 am
Thats a nice story to describe the point. i agree there is nothing like a blog or site on a topic that you can freely and effortlessly write about.
There is indeed no point in trying to be someone else just becasue somebody told you that the money is there. you can actually create your own money spots
5 Scary Clips // Jan 30, 2009 at 8:21 am
Great post!
6 Nicole // Feb 16, 2009 at 12:25 pm
True, I believe that in order to find your niche you have to know what you’ve got to offer first. Do not do something just because others are successful at it, just like your real estate example. You can probably learn some techniques, but if it is not what you love to do, you would not enjoy it.. Keep on posting valuable thought.. Love to read more…
7 katrina // Feb 18, 2009 at 6:29 am
true enough,
being succesful comes from doing what you love. Being at home with what you are doing is a vital component in giving you the drive to do the things you want better.
I also agree that if you engage in real estate but you don’t know a thing about it, then do not engage in it. It will be a total waste of time trying to sell houses. Especially nowadays that the economy is bad. Money will always come to people who knows what they are doing. Therefore, we should all stick to what we love doing.
8 Sharon Wilson // Mar 12, 2009 at 12:50 pm
I agree. The most important thing is doing what you love.
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