The old adage in business is, "The riches are in the niches." What this means is that if you're looking to create a business that will truly change the world, you have to narrow your list of options down to one specific area, and avoid just picking up another commodity to throw onto the market.
The problem with finding a niche is that they are largely unproven. How are you supposed to know if a product will take off? Here are four ways to help narrow it down.
1. Pick Something You're Passionate About
No matter how much you want something to work, if you're not passionate about it yourself, you won't give it 110%, and your customers will be able to tell the difference. You won't market it like you should, you won't customize it like you should, and the storefront will be lackluster. Instead, find a product that you love personally and you'll become your own best marketer.
2. Pick Something You Can Build a Brand Around
Garlic presses are a dime-a-dozen on Amazon these days, but what separates the products from the businesses is whether or not you can extend beyond that one product. If you just have a singular product without any ideas for a second, third, or ninth, then you don't have a brand, you have a product.
3. Pick Something That Solves a Problem
Items without purpose don't sell. Period. But if you have a product that genuinely solves a real issue in the marketplace today, then it will sell like hotcakes, so look for something that people will need, not just want.
4. Pick Something That is Current
In 2017, Fidget Spinners became the go-to product. Before that, there were hover boards. What will this year's must-have item be? If you can identify what consumers are clamoring for and beat most of the other competitors to market, you could be at the forefront of a tsunami of sales.
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