Pre-Day 2 Update
I’m anxiously awaiting the next podcast on the 30 Day Challenge website! As of now, I have 76 niches, most of which are very narrow. Some are similar to one another, but even considering this I have over 60 distinct niches ready to be evaluated!
And believe me, I’m not done yet! Today and tomorrow, Ed is likely to cover how to go about finding niches and going deeper into market research. He then said the next two days after (basically, the weekend) will be for catching up so everybody is up to speed. That leaves PLENTY of time to find dozens more niches and maybe start separating the golden niches from the duds.
The word of the month is: microniche. Less demand, but less competition and thus more opportunity to cater to that demand. Some microniches can be dominated.
My current strategy of brainstorming ideas is to scour the vast resources of the internet for broad niches, then break them down into smaller niches. For example, one of my broad categories is Education. I took that and broke it down into a few subcategories, one of which was Private Education. I broke that down further into two sub-subcategories, one of which was Private Tutoring, which I broke down into even smaller microniches which were borderline product ideas, such as how to find a tutor, and how to start a tutoring business.
I may have gone overboard breaking down these categories, but the end result is a lot of tiny niches and possible product ideas. Even one of my product ideas branched off into an even tighter niche! Are these microniches worth working on? We’ll see later on in the market research phase!
Could you explain a bit more in detail about your microniche? Is it something like:
“Learn how to build a birdhouse out of household materials in Southern California in the summertime.”
Your microniches might not be as targeted as that (or maybe they are), but I was just impressed with your number of 60+ niches.
Could you blog something on microniches?
Also, good luck from a fellow 30DC participant!!
Well, microniche might be a misnomer the way I used it, it might be more appropriate to call them actual product ideas. Your example of “Learn how to build a birdhouse out of household materials in Southern California in the summertime,” might be a little extreme.
My microniches are more like “How to build a birdhouse out of household materials,” or “How to build a birdhouse out of household materials suitable for winter birds.” I could also talk about building bat houses. Already I have three ideas from “birdhouse” and one new smaller niche (bat houses) so it’s fairly easy to take one category and get smaller niches and product ideas from it. I’ll write a blog post using an actual example from my niche list.
Good luck to you!