Question: “Ali, I want to teach stay at home moms how to launch and market a small business. How do I know if this would be a profitable niche? Thank You!” – Joanna Paez, New Windsor, N.Y.
Ali’s Answer: Thanks for your smart question, Joanna! I meet many entrepreneurs passionate about creating businesses around their exciting ideas, which is great—but too often they forget to think through whether their idea can make money.
Your question is a loaded one however, because your success will be determined on many factors. Here are 7 to consider:
1. Your skills or expertise in the area. If you have a track record in launching and marketing small businesses, then it’s a natural for you to share how to do this with others. It’s simply about packaging what you already know and teaching it well.
2. Your affinity or understanding of the market. If you are a mom yourself, or if you know this market intimately (e.g. all your friends are moms), then it’s another feather in your cap. You’ll know their desires and challenges and will be able to relate to them in your marketing messages.
3. Your passion for the idea. In traditional “male-oriented” business teachings, this is often ignored. But it’s proven time and time again that when you are truly excited about your idea, you’ll keep going when the road gets bumpy. (And it will.)
4. Your ability to reach the market. If you see easy ways to reach moms in the areas you choose, whether it be online or offline or in certain demographic areas, then you have a higher chance of success. A basic online example would be websites that moms frequent. An obvious offline example would be a local moms’ club or PTA.
5. Your market’s desire for what you are offering. Using simple keyword research tools like KeywordSpy.com can help you determine if moms are actually searching for ways to start businesses from home, and especially coaching in this area. If so, that’s a great sign as it will be easier for them to find you.
6. Your market’s desire to PAY for what you are offering! (The critical word here being pay.) While your market may express interest in your topic, you’re never quite sure if they’ll actually take out their wallet and want to pay you for it until you get out there and try it.
7. Your business model. You have many options here. You could offer your “teaching” (as you call it) via a paid membership site, ebooks and courses for a fee, training via teleseminars, webinars, audio CDs, DVDs, an online video series, live workshops, etc. Or do personal one-to-one coaching and mentoring via phone or live in person.
The last two steps are the most frustrating for most starting entrepreneurs, because they require you to just “get out there and do it”! Trial and error is just part of the process, and don’t you hate that?
A jet plane uses 65% of its fuel just to get off the ground, and from there it’s all about course-correction. So my BEST advice? Just get up a website or get a client, and start from there. And then work with a training program (like my own Elevate online training program) or with a coach to make sure YOU have a solid plan for success you can follow that takes out much of the guesswork!
Good luck, Joanna!
Love and success,
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