Niche Market Selection and You.

You've probably heard lots of people say that the most success comes when you can combine your passion for a topic with a market willing to spend money on that topic. And, all things being equal, that is generally true.. if you are passionate, enthusiastic and knowledgeable about something, it's a lot easier to make a sale.

However, what about niche markets with lots of potential where you have little interest or knowledge, just an enthusiasm to make some money from it?

Well, clearly, it will be more difficult. You'll need to buy that knowledge in either through your own research or by outsourcing. You'll need to work harder to make the sale to compensate for your lack of passion and enthusiasm. But that's what online business is about.. we get the freedom to choose the markets we want to work in. We just need to recognise that the payback is dependent upon what we are willing to invest.

What about a market with lots of profit potential but in an area that you're not comfortable with?

There's been quite a bit of controversy about people making money on the back of  "Swine Flu" epidemic. Some people say it's exploitative and some people say it's just business.

I say it's up to you. You and only you can be guided by your own personal values and beliefs. If you are uncomfortable about entering any niche market because it doesn't look/feel/sound right.. stay away. That's your choice.

If, however, you can see that there is a group of people with a problem that needs to be solved, they are willing to pay for a solution and you know how to match the need with a solution. Well, that's  niche marketing.

The pharmaceutical companies will be working overtime producing vaccines, the protective clothing companies will be making more face masks and gloves available to meet the demand. That's the business they are in.

So, don't make moral judgements about whether someone else is being exploitative. Just choose for yourself, you are the only one who knows if it's the right choice for you and your conscience.

What do you think? Please add your comment below..