How Do You Find The RIGHT Niches For A Business
How Do You Find The RIGHT Niches For A Business
How do you find the RIGHT niches to start a business ? There are literally thousands of businesses out there that you can choose to start a business online or a brick and mortar.
But, most people feel when looking for the RIGHT niches it’s like walking through a maze.
So, with so many businesses to choose from how do you find the right-fit for you?
How do you find a business that will give you the most bang for your buck and time?
If you give me a little of your time today I will share with you some ideas that’s I have come to know as facts about starting up a business.
Also, I will give you my solutions on how to find the RIGHT niches for you to start a business.
What is a Niche ?
A niche is a specific area of business which a person can make money doing.
Let’s begin, brick and mortar refers to a traditional business. It could be anything for a street-side business which offer products and service to customer in the form of face-to face contact in a office or store.
Brick and mortar when operating this type of businesses there are some pros and cons you will encounter.
- Brick and mortar businesses have been in existence far longer than its counterpart the Online business.
- Face-to face encounter with customers can build friendly relationship were people enjoy the product and service you provide.
- It is your place of business so you can style it in the way that you like, as well as pick out the perfect location to do business.
- When operating this type of business there will be overhead cost
1. Rent and Utilities,etc.
- Keeping track of products and storage.
- Vacations or time off will require paying someone to mind the store.
- Self employed means if you don’t work you don’t get paid.
- There’s the treat of Fire, Damage and Theft.
That a view of the brick and mortar operation, now its counterpart the Online business is the new thing!
Let me start by saying, making money online is a real thing. If you think about how young the Internet is, you can see that it’s just starting. This is just the beginning of something amazing.
We are at the beginning of a century or more of crazy innovations, but one thing remains constant: more and more business is being conducted online.
You have to understand that things change, and they are going to change with you or without you.
Remember the rotary phone, now today we have the cell phone with the internet, WHO would have thought!
Things are changing and This is not going to stop!
Next Online Business:
Here are some Pros and Cons that I encountered starting up various online businesses.
- You can work from anywhere in the world as long as you have a internet connection and a computer devise.
- Most businesses start up cost are low to zero.
- There’s no overhead cost of a building
- Your business reach more customer, than a community brick and mortar store.
- Your customer reach, can reach people all over the world.
- Most online businesses has residual income.
- Income resulting from cash flow received on a regular basis, requiring minimal to no effort to maintain it ones it get started.
- Online businesses open doors to many other venture.
- Ex. Coaching. Speaker, Entrepreneurship etc.
- Being scams by Scams Artist
- Not being tech savvy
- Communicating with people Verbally or Written
- Do know how to get started.
The U.S. Bureau of Labor Statistic charted the survival rate of business dating back as far as 2000. What they found was that half of all the business surveyed failed within their first five years.
Now, it’s common knowledge that most businesses fall, some people view it as business failure is more probable than not and it’s not worth even starting.
Of course if you’re reading this you’re not one of those people, but you still need to understand the reason why business failure happens, so that you know what to avoid and find the RIGHT niche for you, Right!
Why Do Businesses Fail?
Everyone has their own opinion on why businesses fail.
Some say new business owners give up too quickly, others people say they don’t realize how much it’s going to take. Others say they choose a flawed business model that’s not scalable.
All these reason are valid, but I believe there is one overarching reason that encompass them all, that most new business owners don’t know how to run a business, which makes it hard to find the RIGHT business to start.
Most new business owners perhaps yourself, have come from the employee world. They are used to being accountable to someone and being provided with all the knowledge they need to do their job.
When your the boss, you don’t have those luxuries. No one going to hold you accountable but yourself, often you need to go and find yourself the knowledge for yourself and that takes some getting use to.
Finding The RIGHT Niches?
But, I’m here to help you. I want to give you some of my ideas and solutions so you can find the best fit for you or have an ideas of what fits you.
I really recommend you not trying the brick and mortar business method, reason being if you don’t have the start-up capital, I believe you will join the U.S. Bureau of Labor Statistic as another fail business and we don’t need that.
I do recommend you trying a Online Business approach most of these business have low to zero start-up fees and the beauty of this is that you are able to work alongside having a regular JOB.
Examples of online businesses Amazon, Walmart, Banks, Stores,etc.
Yоu dоn’t have to create your own product to sell, instead, уоu become an affiliate and market thе products оf оthеrѕ.
When customers on your webѕіtе сlісk оn your affiliate link tо buy, thеу are taken tо уоur аffіlіаtе раrtnеr’ѕ site tо соmрlеtе thе trаnѕасtіоn.
You can make a lot of money by promoting products on Amazon, you can promote anything from baby monitors to swing sets.
Most of these Online Business only requires a few hours a week to make a difference in your financial life. The online business I strongly recommend is Wealthy Affiliates
The Training is the best I’ve seen and been involved with.
Building your very own website is SIMPLE within Wealthy Affiliate.
Within the first few lessons at Wealthy Affiliate you will learn all about the most current traffic techniques and how you can get an ABUNDANCE of relevant customers to your website.
Wealthy Affiliate members OWN Google rankings, and own a huge share of ALL traffic online. That is a fact