I often get asked by people who join us over at Information Marketer’s Zone – “should I start an online business around a niche market that I know nothing about?”
The “intuitive” answer I can hear many of you say is – NO…starting a business around a niche that you have no experience or have no inside knowledge about is just a dumb thing to do…right?
Not exactly, let me try and elaborate based on our actual results both in our own businesses when we have entered new markets and from the many people we have worked with to grow their online businesses.
Are You ALL IN?
Let me start by saying that entering a market that you know nothing about can lengthen the time it takes you to ramp your business as you dig in and learn/experience your niche market, but even this factor is variable based on your degree of passion and commitment. I have often come across people who are super stoked about their new market and jump in with both feet learning more in 4-6 weeks than some people have learned in years.
My point being that passion and desire trump experience in just about every case when it comes to starting a business in a new market.
On the other hand, a great deal of experience or knowledge in a market can often be a disadvantage…and here’s why.
Some of the toughest people I have had to work with are those that know their market TOO well…for example, the fitness trainer who has 20-years experience, is somewhat jaded and burned out and has forgotten the basics (because they have been doing it so long) typically have tunnel vision that actually hinders their business rather than helps it.
What happens is that these “experienced” people miss the simplest of opportunity triggers because they have done what they do for so long they have “blunted” their empathy and listening skills in the market they operate.
In fact, I would have to say that taking a cross section of the people we have worked with inside InfoMarketer’sZone over the years, the most successful people have been those that know little to nothing about their market, but are driven by insane passion and execution to the point where they quickly move from understanding their market to leading it…sometimes within just a few months.
Based on our experience, you certainly do not want to exclude entering markets that you want to enter because you lack previous knowledge or experience, but DO make sure you are passionate and dedicated to going ALL IN!
