The 5 Dangers of Choosing the Wrong Niche…and How To Avoid Them!

How To Find Your Perfect Niche - July 2015_v2One of the top reasons businesses fail is they choose the wrong market to focus on. It’s the first decision you make and it has a huge impact on whether or not you reach your income and freedom goals.

Let’s take a look at the five reasons this is such a critical decision, then I’ll share with you the how you can be sure to avoid all of them with a simple three-minute test.

1. Waste of Time and Money

When you first start your business, you have very little time. You have other commitments. You might have a full-time job, a family, school studies or other important obligations to attend to.

You’re also building a business with your own money, bootstrapping on a limited budget. You can’t afford to waste your limited time or money on an idea that doesn’t pan out.

2. Opportunity Cost

To succeed in business you have to focus. It’s easy to slip into the trap of working on fifty things at once. After all, the more things you throw against the wall, the more chances you have of something sticking, right? Nope.

To create a successful business, you have to learn to say no…a lot. You can’t afford to chase every idea or opportunity. You either spread yourself too thin, do half-baked work or never finish anything. The bottom line is that you don’t get results.

Savvy business owners learn that saying yes to one idea or opportunity means saying no to other ideas that might seem equally interesting or profitable. You give up the opportunity to pursue those other things, at least for a time.

This is called opportunity cost. When you say yes to one niche idea, it means giving up the others. So consider carefully.

3. Loss of Motivation and Momentum

The difference between those that succeed at building a profitable business and those that don’t is that successful people keep going. They keep momentum going no matter what.

If you choose the wrong niche idea, you don’t get the results and fulfillment required to fuel the fire. When that fire dwindles, weeks or months can go by where you avoid your business. Even worse, it can lead to giving up on your dream.

4. Being Trapped in a Business You Hate

This requires choosing a niche that gets you fired up. In his bestselling book, Drive, Dan Pink shares research about the importance of purpose when it comes to motivation. Money alone is not enough to keep us going.

One of the worst things that can happen is to end up with a successful business that you hate. You don’t want to create just another job for yourself. You want freedom, fulfillment and a sense of purpose. You have to choose a niche that not only is profitable, but that fuels your fascination and curiosity.

5. Unable to Generate Income

Imagine this. You’re creating amazing content. People are eating it up. Your list is growing. You’re getting comments and emails thanking you for the impact you’ve had in their lives. It’s incredibly fulfilling.

The problem is, no matter what you try you aren’t making any money. Let’s be honest. To get the freedom and opportunities that you deserve, you need to make money.

One of the most common reasons businesses fail is that they choose the wrong market. If you target a market that either A) doesn’t have money or B) isn’t willing to spend money to buy the solution that you are selling, then you are dead in the water.They might love what you do, but only as long as it’s free.

A 3-Minute Test for Finding Profitable Niches

Thankfully there’s a simple way for you to avoid the mistake of choosing the wrong market, wasting time and money and ending up with a business that just won’t work.

We’ve developed a simple test would that will save you from all five of the traps listed above.

We created this test in order to help you replace your job and enjoy more freedom as quickly as possible, without wasting any time.

You can check it out by clicking the “Watch Now” button below.

Happy Niche Hunting!