This relates to your affinity to the market. Do you need to have experience in it? Do you need to be part of the market?
First of all, you need to identify exactly who your market is. If you’re targeting law school grads, then that’s your market. If you’re targeting trap shooters, then there you go. Now, are you a member of the market? Are you a graduate of law school? Do you know how to trap shoot?
Here are just a few pointers when assessing a “good” (profitable) niche:
–> You want competition
–> Instead of going for zero to little competition, look for a unique angle in a competitive market
A back-end.
This is where a lot of budding business owners let it all slip away. They don’t realize that the money is in repeat sales to existing customers. If they do realize this at all, then they don’t understand that the back-end items don’t have to be created by them.
Yes, my advice to you is that you should. I have fallen into the trap of thinking that my next great idea was going to pave the way to a new niche. Let me tell you, it has never panned out. Be very careful of niches with little or no competition. If you’re going to spend your time, spend it wisely. By that I mean spend it on activities that you know are going to get you the desired result.
This is one reason existing products and competition are useful. You want to take stock of what’s already available in a particular niche and then differentiate yourself. If you find that there are already a ton of popular ebooks in a niche, then you can come out with a physical product or write another ebook with a different spin to it.