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Very Small Niches

by Ricter
3 replies
Because of language, demographics, the industry, and government regulation, I estimate a niche I'm presently considering operations in to be about 1,400 individuals. The good news is that it is growing, rapidly, albeit on a small base. Further, they have money to spend and they do spend it. My product idea (untested atm) has no detectable competition. I'm eager to proceed to testing, based on the fact that I'd buy the product if it were out there.

But this is a well-heeled group. They're small. I can't see putting out a $9 product, which I could present rapidly, particularly when I see these people at conferences. But I also don't want to risk the next three years developing a comprehensive product worth, say, $9,000 and get beaten off the blocks...

Is a niche of this size just too small? What are some things to keep in mind during product development to this group, as I've described it?

Feel free to completely derail this train if it's on the wrong track...

tia
#niches #small
  • Profile picture of the author Michael Shook
    Very small niches can make you some money, if the folks in that niche buy things. If you have no competition at all, you might want to find out first if there is a market before you even put together a 9 dollar pdf
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    • Profile picture of the author sparrow
      Test, test and do it some more.

      You don't know till you float something by them. Your perceptions could be all wrong.

      If you don't have competition there might be a reason.

      Its funny everytime I hear what you said small niche, seems they have money to spend, no competition.

      Its very rare to fall into a unknown niche these days without competition.

      Most times someone tried and could not make a go.

      This is why you need to test.

      If you make money do it quick and get everything you can before someone else finds your niche.

      Hope this helps

      ED
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      • Profile picture of the author Ricter
        Thanks, gents. Taking your ideas into account.

        This niche has been created by new government regulation, which is why it's still wide open.

        I'm thinking of a staged rollout, which will also accomplish testing. Something like writing Part I, and giving it away, thus starting a list for this niche. As a (weak) precautionary measure, I would make no indication that more parts are coming. This gives me time to write Part II.

        If Part I testing gives me a green light, using the simple methodologies available everywhere, I can write Part II, give away a free synopsis of it pre-release, and sell both it and Part I separately on release day.

        Part III follows if the above is working. Free synopses or useful tips & tricks given out to stimulate interest, and then release.

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