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Is Your Niche Large Enough To Support Your Business?

There are two major points to consider here.

1. Are there enough people in your niche to support you?
2. Can they afford your services?

Here’s an example of what I mean by this.

I was approached from a coach who said that he had found his niche and wanted my advice on it.

“My niche has a huge market” said the coach

“Great” I replied “So there will be enough people in your niche to support your practice?”

“Sure will” he said “In fact I am going to sell my coaching services to the people that need it the most – the unemployed”

“Oh Dear!” I thought.

You see, whilst the niche market was huge, unless the coach was going to offer a very low cost solution, his niche would not be able to afford his services and he would be wasting his time.

The coach in question wanted to offer a four-session “Life Makeover Programme” costing £395. Now that is a lot of money for people who can afford it never mind for people who can’t!

It was back to the drawing board.

You need to think about the two questions I posed above.

Is the niche large enough and can they pay for what you are offering?

Unless you are doing this out of the goodness of your own heart you will struggle to put food on the table if your niche market cannot support your own business.

Your target market does not have to run into “The million’s category”

It is better to have a target niche of only 10,000 people or businesses who can afford your services rather than a million people who cannot!
 

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