Question
I’m exploring the idea of starting a startup - I have no business
ideas now, just a handful of niches I'd like to learn more about, and not much spare time. If I want to optimize my chances of startup success (users, $$, etc.), which factors should I consider most important when choosing which niche would be best to explore?
So far, I'm hearing:
- Verticals I'm passionate about
- Verticals that are rapidly growing
- Verticals that require Subject Matter Expertise I possess.
- Verticals that are not attractive/sexy (ex. dating apps) and therefore are overlooked
Are there any other factors to consider?
Answer
I would say, what you are hearing is correct - I would take all 4 of those as MAIN factors. Maybe add another two
- Verticals that you are an expert in.
- Verticals where you will have enough $$ to break into / develop / support for some time, until you start making profits.
Most startups operate at a loss for a long time, until they build critical mass of users. If you run out of money before you are profitable - what's the point?
For example, space flights are "hot" right now (space-x, blue origin, etc), but you would probably have no expertise in it, and not enough money to get into space craft biz.
