Although this set of Articles is designed to help you choose your niche market to get started in, I insisted that this extra section be added in.
All too often I hear from niche business owners who have gone through all the steps in the niche selection process but then when they got their business in front of the paying public things didn’t go as expected. Often these folks want to give up entirely or press on regardless convinced they are close to a breakthrough.
Now history teaches us that giving up won’t help you achieve much and pressing on with an obvious loser is just a slower way to reach the giving up point.
The advice I always, always give is this:
- Run with your winners and do more
- Park your losers
Keeping going with a winning niche and doing more of the same is obvious but you’d be amazed how many people build a successful niche business and then want to do something entirely different!
But why should you park your losers rather than just simply close them down? Here’s the logic that has stood me well on several occasions:
1) You’ve spent time, money and effort to build your niche market offer. If you leave it going you have a ready-made swipe file to duplicate and build into a new niche.
Why go to all the effort of building from scratch again when you can just adapt any copy, artwork or site design to fit your next niche business?
2) However bad your results you will still get visitors, customers and sales to your site. So provided that your income covers your costs it’s safe to just leave things running.
After all, if you picked a niche that then turned out to be unpopular what happens when fashion changes again?
But how can you tell if you should run or park your niche?
Here are the specific challenges you need to apply to your niche. If you get lots of ‘YES’ answers to these questions then look to expand and do more of what you’re doing. If you get a lot of ‘NO’ answers then park your niche and start over with another.
1) Is your niche a real business?
A good niche will run effectively and generate good returns for your time, effort and money. A bad niche will just be a hobby business that you spend time, money and effort on for little reward. So — Are you paying your niche or is it paying YOU?
2) Is your niche profitable?
When you take everything into account does your niche give you a profit or is it just a drain on your resources and wallet?
3) Is there demand and traffic to your niche?
A good niche will have real people visiting and buying on a regular basis. A bad niche will have lots of visits but very few actual buyers.
4) Can you deliver what is required to your niche?
A good niche will suit your available time, resources and energy with you going to sleep dreaming of the sales receipt emails that will await you in the morning. A bad niche will seem to occupy all your waking hours and your sleep and suck all your spare cash and still demand more.
5) Hand on heart do you enjoy your niche business?
Yes – OK keep going!
No – What’s the point in working on a business you hate?
If you launch into a niche market and after a few weeks or months you start to worry or get cold feet try taking the Run or Park test and see if your niche is still good to go.