Find Your Niche

Over the past few months, I've seen quite a few fearful sounding articles where some people seem incredibly worried about the bad economy and it's impact on being able to make a money with their small business.

Well, it's still possible to find profitable niches.

Sure, there are clearly niche markets that are going to fall off the map in rough financial times. But at the same time, there's plenty that are going to remain very stable or even do much better during a bad economy.

So how do you go about niche marketing when the economy sucks?

It just takes a shift in thinking. Consider these 5 key factors:

1. Niches where people NEED to spend money. In other words...staple products
people have to buy regardless of what's going on. (Example: Students have to buy
books for college classes...or people who have health problems they need to
spend money on regardless of the economy)

2. Niches where I can help people save
money. (Example: VOIP or calling cards to save money on phone bills)

3. Niches where an essential problem needs to be solved or fixed. (Example: People have computer software/hardware problems that need correcting to keep their PC from going kaput)

4. Niches that don't require people to actually spend money.
(Example: Getting an auto quote or signing up for a free credit report
service)

5. Niches where people are dealing with any kind of highly emotional or
motivational issue that simply overrides anything going on with the economy.
(Example: Love, Divorce, Legal Help, etc.)

Bear in mind though, people will also still spend money on non-essential things in a bad economy. You see, the reality is most people are hardly rational about how they spend money, especially when it comes to things they're highly passionate about.

People will be spending money on things regardless of the economy. It is what they will be spending their money on and with who that you need to determine and court these folks like a teen courts their first love.