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 started offering vertical/niche targeted, high speed hosting recently. A group of us formed an agency. Really all the technology is generic - high speed hosting, Ontraport integration, buying traffic (Outbrain/Taboola/Facebook/Google) then providing messaging targeting specific verticals/niches.
For a good chance of success...
1) Inventory your skills.
2) Inventory niches where you have expertise.
3) Do an intersection of your skills + niches + whatever your niches pay the most for each month.
In our agency case, each principle had a specific skill set, which produced good synergy with other members.
This is a another consideration. If you come up with three high dollar items your niches pay for each month + you only have expertise in one item, joint venture with other people who possess these other skills + create an agency.
