Follow your passion. Follow your heart. Monetize your hobby.
Trust me, I’ve heard it all.
In an ideal world, you’d find your ideal clients and sell to them like crazy, but that’s not realistic.
I’ve learned over time that is has less to do with passion, but more about identifying what’s thriving in the market.
Now thriving isn’t a code word for trendy. It means industries that have staying power.
Just like there are very few new ideas, don’t be overly concerned with competition. The same reason why gas stations and fast food establishments purposely open locations near each other proves this point.
Each industry tends to have a giant or market leader which signifies a strong want (perceived need) in society. With so many options to choose from, positioning your idea boils down to uniqueness.
In most instances it’s your brand story, featured benefit or “patented” process.
Whatever your unique selling proposition (USP) is, it’s much wiser to bring to a visible market than an invisible one.
Take for instance coaching. I’ve been doing it for 10+ years, but it’s still not part of a thriving market. Coaching is more of a “how” than a “what” therefore I’m more focused on ideas that utilize coaching in the process, but it’s not the main offering.
Coaching is an example of being in an invisible market because every time you approach a prospective customer you’re faced with a “double sell” proposal. That means the initial sell is educating what you are selling, then you have to follow up with a secondary sell to get paid. It’s not an ideal situation to put yourself through.
Market research becomes invaluable since you want to enter an area that’s already hot. No matter how great your idea is, the uphill battle of trying to educate people about what your product/service does isn’t worth your time or investment.
We’re fortunate to live in a time where information is readily accessible at our fingertips, so take advantage of it! Don’t be discouraged about developing your idea, but before moving forward make sure there’s a clear market for it’s entrance.
There’s no need to reinvent the wheel, it’s already been created.