The question I am most often asked is about deciding on a niche market. You will have the most success by specializing in an area where there are many interested people, people who are hungry for information, and people willing to spend money to learn more.
The easiest way to choose a niche market is to make a list of all of the areas of your life where you have both interest and some knowledge. You do not need to be an expert in this area. If you know enough to hold a conversation about the topic it will be an area that you can expand upon. Also, remember that you will have many niche markets over a period of time. You don’t need to choose the very best niche because it will end up being only one in a series of many niche markets.
For an example let’s say that you sell real estate in a city of about 200,000 people. You may think that your niche market is anyone that wants to buy or sell a house or condominium in your city. That is not a niche. That is an entire market. You will be far more successful if you choose a smaller section or part of this entire market as your niche market.
Look a what you do on a weekly basis in your work as a realtor. Imagine that you have many clients who need your services but you are only able to choose one of them to work with. Who do you choose? Is it someone who wishes to list their home? Or is it someone who is looking for a condominium to use when they are visiting your city? Think about what your ideal client would be like and what they would want and you are closer to knowing what your niche market should be.
Working within your niche will quickly make you a specialist in your field. People who fit into that niche will come looking for you to serve them. Others will refer people to you who will best be served by your expertise. You will get more business and, more importantly, it will be business that you want because it will be within your niche market.
