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Niche Business Ideas: 3 Ways To Find a Sticky Money-Making Niche

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Posted 5th September 2013 at 03:30 PM by The Niche Man

Finding the right niche can be tricky
You have to be savvy and picky
Just avoid falling into a rut
And resist taking short cuts
Then you’ll find a niche that’s sticky.

Most marketers worth their salt know the importance of having a niche. A niche is defined as an unmet, under-served or overlooked need of a specific group of people.
If you're in a competitive market with limited resources, finding a niche is essential. In fact, it could make the difference between your success, survival or failure.

But is your niche sticky? That's a question more savvy businesses are asking themselves. Why? Because with tougher competition and more skeptical consumers you need to make sure your niche has staying power.

Plus, with the soaring cost of marketing a product or service, small businesses can no longer afford a short-term niche ... it has to last longer.

The mistake many marketers make when it comes to finding or evaluating a niche is following their passion. This advice works fine if you're looking for a hobby. But it can spell disaster or a least disappointment if you're looking for a profit maker.

Many people who followed their passion, discovered a shocking secret. Their passion had very little buyers who were willing or even able to buy the product or service they offered.

So, a better plan to consider is to start with your passion if you like but add the following tips.

Here's 3 Powerful Ways To Evaluate and Find A Sticky Money-Making Niche

I. Does this Niche Have Back-End Potential?


For example,
1. Can You Offer Accessories With It?
One of the biggest profit makers for products these days are accessories. In fact, many manufacturers are glad to break-even or even eat a loss on their original product.
Why? Because they more than make up for it be selling you extras or accessories. For example think of new car sales (luxury packages) printers (Ink Cartridges) or Cell Phones (Service Contracts, apps, skins, car chargers), etc.

2. Can you offer a compatible back-end service?
If you offer a product, can you offer a way to service the product, for example a maintenance contract, offer parts or repairs later on?

3. Can you offer a similar higher end version?
An excellent way to get your foot or product in the door of many consumers is by offering an introductory product or service. Then go for an up sell.

II. Does The Niche Serve a Market With an Ongoing Problem or Need to Improve?
This is a powerful tip for evaluating a niche that has sticking (or staying) power.
Find a market that has an ongoing problem that your product or service can make bearable. Some examples are weight control, pain control or maintenance. Or find a market that has a constant need to improve.
For example, golf, fishing or home improvement enthusiast. In fact, you're limited only by your imagination.

III. Can You Carve Out an Exclusive Position?

The foundation of making a niche sticky is having some form of exclusivity. Obvious "formal" examples of this comes in the form of patents, copyrights, trademarks, agreements or contracts.

But less formal and easier to implement ways come in the form of convenience. For example: Convenient locations. You're the only one who sells this product locally.
Or convenient buying experience. Paying online, installment payments, 90 days same as cash, buy now pay later, etc.

Another less formal way to carve an exclusive niche position is with unique service. This can give you a position of exclusiveness like nothing else can. Giving a unique service your customers can't find anywhere else is a powerful way to stand out from the crowd and keep them coming back.

Take the time to evaluate and find a niche that has these sticky qualities. You'll enjoy a return many times your small investment in time and effort - guaranteed!


For even more powerful Niche Business Ideas go to TheNicheMan.com
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