There are 5 must have elements you must be looking for in a market to make sure is a great market to start your business in.
1. Make Sure Your Market Is An Evergreen Market.
An evergreen market is a market that is relevant today and it’s going to be relevant 10 years from now.
You don’t want to enter a market that’s popular today but it’s not built to stand the test of time.
You want to join an evergreen market, a market that’s here to stay. For example, gardening is a long-lasting market that’s been one of the most popular hobbies for the last hundred of years.
2. Make Sure Your Market Is An Enthusiast Market
An enthusiast market is a market where people keep buying stuff for months, years and in some cases decades and beyond.
A great example of an enthusiast market is the dog market.
When people purchase a dog, they sign up to take care of their fury friend for the next 10 to 20 years. During a dog’s life span, dog owners keep on buying pet insurance, pet food, pet toys, etc.
3. Your Market Must Solve An Urgent Problem
When it comes to building your business, you want to identify what is the urgent problem in that market that that group of people need to solve right now.
For example, in the dog market, if you buy a puppy, potty training your puppy is a problem you must solve immediately if you don’t want him to make a mess everywhere.
4. Your market must have future problems
After you solve that first urgent problem for a particular individual in your market, you want to make sure it’s a market that gives you the opportunity to solve other problems that will come up in the future for that particular individual.
To continue with the dog market example, once you potty train your puppy, yo need to teach him how to walk on a leash, how to stop barking, how to stop biting, etc.
There is just one problem after another a dog owner needs to solve and that’s why the dog market is such a lucrative market.
5. Your Market Must Be Filled With Buyers
No matter how much you care about solving all the problems a market might have, you can’t sell to broke people.
You need to make sure you are selling to a market of people who can afford what it is that you are selling.
You need to make sure you enter a market of people who have demonstrated that they are willing to spend a disproportionate amount of their income in your niche.
Once again dog owners are a great example. Dog owners spend lots of money on organic dog food, pet insurance, dog vet bills pet toys, etc.
Make sure your market is filled with people who are willing to spend money in this area of their life.
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