When you’re looking at an idea for a new niche market or receive details of a ‘fantastic’ opportunity here’s some key facts to check so you can be sure there really is a market to go after.
Here’s our top questions to make sure you know the market is worth your time and effort.
We use questions like these in putting together our Reports and in presenting our Niche Market Ideas elsewhere on this site. You can use these for markets you think
of – or to check out ready made products other people are trying to get you to
buy to sell to others.
1) Do people actually spend money on this trend,
product, fashion, hobby etc?
What sales evidence is there that this sort of product or information is actually
being bought rather than searched for or found for free?
2) Is there a track record of interest and
spending in the niche?
Does the market look appealing just because last month’s search stats say
there is a market? Or is the market demand based on longer term results, or a
wider consumer trend – something with firm foundations and proven statistics??
3) Is the money pile growing rapidly, slowly or
is it in decline?
Do you want to invest in yesterday’s hot niche if the money is moving
Are other companies and people piling into this market – ignoring it – or
pulling out? What state is the market at? It’s ok to be in
early and fine to follow a big trend if there’s a viable and profitable market
for you to access – but tread carefully if the market is on a downward spiral –
you don’t want to invest your time and money on a beach where all the people
have already gone home!
4) Is there a high demand attached to the niche?
How hot is the market – is it a recent outbreak of interest that could just
as quickly fade – such as with a pop star or big film or does the market have a
steady interest – such as followers of cult movies or hobbies?
5) Can you actually access the
When you are checking out a new market you need to be able to answer a few
important questions about the people who are involved or interested in the
market subject. Here’s a few key ones that you should consider first.
6) Can you measure the size of the market to see if there’s enough demand?
When it comes to your scarce resources of time, effort and money you need to be sure that the potential payout from a market is worth what you’re going to invest. Have a think about these key points.
fast is it changing?
By checking at least some of these key facts you’ll give your new
business idea a far better chance of success and avoid too many black holes that eat up your available enthusiasm and resources. It’s always better to take time out to check a market first before you commit as a change or direction or focus is easier to complete BEFORE you go too far.