choose your market well.
Hi everyone, in this video, I’m going to share with you my techniques to choose a market. I have a set of criteria when I choose a market
By now you should have completed the market research and finding out how big is the market. If you have done the homework more intensively, there should be 3 markets which you have chosen.
You should also have found out the different niche and the market landscapes of these 3 markets.
Out of these 3 markets, which one should you go into?
how do you know which is the best one for you?
There are 3 important factors for me to choose which market I want to get into.
1) Things that I’m good at – Strengths
2) Markets I’m passionate about
3) People are paying for products and services in the market (size of the market)
If you choose to build niche or website which you are not good in, then you will spend a lot of time mastering it or training yourself. The journey to success could be more difficult. Your competitors may be far ahead of you when you are trying your very best to chase after him.
Next, you want to choose a market that you are passionate about. that when someone ask you about it, you can be proud of it. ultimately. You want to decide which one you want to be EXPERT in. How much value you can create as an expert will determine how much you going to make.
Basically, I would choose the one which I’m more passionate in, have a lot more topics to write about, and if it is where my strength lies, then it would be even better.
If you are particular interested in any hobby like photography, then you could create a blog about it even though it’s competitive. Ultimately for you to become an expert, you want to attend courses, attend lots of courses, read a lot of books, take numerous awesome photos, (maybe it sucks in the beginning).
Initially you may not be the expert, but as you improve, you become more and more expert in your area.
It’s just like going to college and learn the necessary skills to earn a living, but in this case, you learn for the sake of you are passionate about it and you want to turn your passion into a business.
This business model I’m sharing with you is not some quick scheme about how to make money fast but rather, it is about how to make money by increasing your value and increasing the demand of people engaging you.
Before we end this, I would like you to share with us the 3 markets you have researched on, your analysis on which are the markets that you should go into.