Go Niche, Get RICH!!! - Oct 2024 (#41)

GREAT to have you back dear reader! Your dude Brent has a quick one for you today. As I’m in the biz of helping you get wealthy… I want YOU to understand that the RICHES are in the NICHES. What the heck does that mean?… stay tuned!

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Motivation

The riches are in the niches.

-Pat Flynn

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Money

Ok so what do I mean by a niche? I’m really referring to a niche business market, a business market outside the ordinary, something somewhat obscure, something that doesn’t have a lot of competition, and as such, doesn’t operate efficiently (i.e. RV Parks lol). You see, the more people who are competing for business the more efficient the market is. Efficient markets are great if your a customer and TERRIBLE if your trying to make money. Let me give you an example…

Let’s say you need a new t-shirt and you hop online. You just want a solid white tshirt in a size large. If you search that how many results are you going to have? (A BAZILLION) How cheap are you going to be able to get that shirt? (VERY). Would you want to be in the business of selling white t-shirts? I wouldn’t. Why? Because there’s way too much competition, which usually means its REALLY TOUGH to enter that business and make any money. Your going to have to do an amazing business, have insane marketing, or upend the market in some way to even make a dime.

Ok, so lets get a little niche here. So I have a young son who is OBSESSED with trains. LOVES ‘em. So when it came time for us to get him school clothes he, of course, wanted train shirts. The problem… there’s not a lot of great places to buy decent looking train shirts for kids. So much so that one of the top results to buy children’s train shirts online is the New York Transit Museum for crying out loud! So as you can tell, not near as much competition as just a plain old shirt. And whats the result? Lots of little companies sell boys train shirts online. Just check out the selection on ETSY, many of which aren’t even customized! And you can tell by the stars and reviews people are buying! Many have THOUSANDS of reviews! This is a niche that the little guy can play in and actually make money!

So the lesson here is to look for the niches. What’s an area that you know that few others do? One that you could provide a product or service thats oddly specific and people need? Or conversely, what product or service have you needed lately and can’t find it!? Figure those out… and you’ll be well on your way to building some serious wealth.

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That’s all folks!

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