This is an excellent question which many ask because they believe that they must choose a business subject that has a large universe of targeted prospects. That is the only way you can guarantee there will be enough paying customers to support me and others already in that space, they think.
I'm not sure that this is sound thinking, and here's why:
The Internet audience is global and massive. It is growing every minute, day and night.
It is impossible to accurately judge the size of any audience as it constantly changes and customers are entering and leaving the ranks every day.
I believe that there are profitable sized markets for every information business if the owner understands how to hold and "convert" prospects to targeted customers.
Size is not the only criterion upon which to judge the customer universe. More important than size, in my mind, is the amount of passion the customers have for the subject. Where there's lots of passion, there will be ready and willing buyers.
I'd rather have 1,000 very passionate customers willing to give me $1,000 annually, than say 10,000 customers paying me $100 each per year . . . or worse yet . . . $10 each a year.
Also, I think it would be much better to be the only business in a very targeted but small space, as opposed to one business in 100 that occupied a broader space with 100 times the prospects.
You can "own" a targeted audience if you provide a one-of-a-kind experience or product. You do that by being deeply, deeply focused, very narrow in your declared expertise, and with products that others can't provide - specifically those that are created as a result of the person you are. Your knowledge, insight, and life experiences can't be duplicated by anyone!
So my advice to you is to not be too concerned right now about the size of the prospect pool. Instead, focus your attention and effort on discovering your distinct advantages and strengths and how you can add value and interest to your chosen subject.
Remember, the Internet audience is huge and growing by leaps and bounds. Chances are excellent that there will be many others online that want to share your subject knowledge and passion. You'll be able to reach them if you stay very focused and stick to the things that you're good at.
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Post#14 |
