Haven’t found your niche yet? Watch this video to learn why the riches are in the niches.
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? About This Video:
Most people will tell you to follow your passion and start a business based on what you like. I am here to tell you that is completely wrong. You can follow your passion, but you must make money first. Start by focusing on solving a problem, increasing your cash flow, then reinvesting back into your own passions.
Here are a few ways you can find profitable niches in your industry:
1. Identify A Problem
The most successful companies solve the largest problems. If you want to build an extremely successful and sustainable business, focus on solving the problems your customers are willing to pay for.
2. Determine Profitability
Before starting a business, determine the amount of effort you are willing to put into selling your product. It is a lot easier to sell one $10,000 product instead of one thousand $10 products. Focus on increasing your margins and profitability to enable you to grow.
3. Research Competition
Take the time to research your competition and find out what’s working for them. Are they running paid advertising? Are they selling on multiple platforms? Make sure to consistently review your competitors to stay up to date on the latest innovations.
4. Identify Demand
Before starting your business, go ask your potential customers what problems they are willing to pay for to be solved. Many want more customers, while others will want to be more efficient. Focus on solving the problems your clients demand and grow from there.
5. How Are You Better?
Ask yourself, what can I offer that my competition doesn’t? This will determine the future of your success. If you produce a superior product with the same marketing efforts and price points, you’ll win in the long run.
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? About This Channel:
My name is Hayden Howard and I am a business owner dedicated to helping people make more money and grow their companies. I create videos based around topics like business, money, marketing and sales. Make sure to subscribe to learn how to create a profitable online business and escape the 9-5 nightmare of working for someone else. Leave a comment below or connect with me on social media and let me know the next video you want me to create!
Disclaimer: The information and resources we provide are for educational and informational purposes only.
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