I’ve been reading A LOT of market/niche research articles recently and trying to discover some of the most useful ways to determine whether it is a good idea to enter a particular market/niche.
However, what I’ve found is that these goldilocks markets are, obviously, extremely difficult to find. I’ve probably poured 30 hours into research so far, so I’m still at the beginning.
I thought I found a half-decent market today, but there are a good 4-5 competitors on the first page of google, and the same 4 paid ads. Jaaxy says there are only 140 searches a month for this particular keyword, and Google is suggesting £4 bids. The SEO of the competition isn’t that strong and I’m confident I could reach page one for the term. I have an exact match domain available (not sure of use in this 2017).
A lot of the suggestions I’ve read include - write list of passions, determine whether there is demand (some competition is good), determine whether you can reach your initial customers, profit.
Software is becoming more and more saturated and more and more developers are jumping on this bandwagon. It seems the days of being able to identify a decent niche within hours instead of months are gone.
Would really appreciate if somebody could come along and slap me round the face with a reality check.
I know there will always be risk in business, but when do you actually call it quits on research and dive in?