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Niche Business Ideas: Top 3 Niche Business Idea Mistakes People Make

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Posted 5th September 2013 at 03:38 PM by The Niche Man

A Niche Idea Mistake
Causes Many Businesses To Break,
They Waste Time and Cash
And Turns Opportunity to Ash
Plus, Limits Anything You Undertake.


Niche business ideas are hot. But did you know over 7 out of 10 people fail at business because they fail at choosing the right niche.

Here's the top 3 pitfalls most people fall into when it comes to finding a profitable niche business idea.

1. They Focus on a Market That is Too Broad.
For example, they try to compete head to head with a Mc Donald's, Walmart or other big player in their market. That can spell financial suicide for many small business owners who think with their heart and not their head.

Or they try to be all things to all people. A red caution flag always goes up in my head whenever a client tells me their product or service is for everyone. That's a rookie mistake meaning they haven't zeroed in on their core market yet or they've been too lazy to do the research.

In either case their about to lose a lot of time and money if they don't change. There's an old niche marketing quote that says, "the person who tries to focus on selling to everyone will most likely sell to no one."
2. They Focus on a Niche With Little or No Paying Customers.
This is a big problem I'm noticing more and more. With all the misguided people reading books telling them to follow their passion, it's no surprise. Many soon find out their passion lacks paying customers.

And you know what they call a business you're passionate about that lacks customers? A hobby.

There's another group of people who place their trust in keyword research software. Many discover 15,000 people a day search for the term "Abe Lincoln", for example. So, they decide to start a website selling "Abe Lincoln" themed products and books.

Next, they wonder why they have little or no sales after investing so much time and money. Because someone forgot to tell them the difference between buyers and information seekers who keyword search.

They discovered most of the 15,000 searches were people seeking information. For example, college students, researchers and the curious and not people wanting, willing or able to spend money for Abe Lincoln products and books. This same example happens with thousands of products and services.

Moral of the story: Make sure the searches are from potential buyers and not just free information seekers

3. They Target a Niche Idea That's Been Over-Worked.
Band wagon jumpers seldom make money when it comes to niche ideas. But still you find the gullible frantically searching for the next flavor of the month idea to jump on.

Unfortunately, by the time they read it online, in a magazine or ... see the infomercial it's usually too late. The niche is no longer profitable because the market is now saturated.

But still after hearing or reading the glorious, romantic stories of how others have made small fortunes, they decide to jump in. But many lose their shirt, their savings and their pride. So, beware of niche ideas that's been over-worked.


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