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
Great question! Picking a niche vertical can be very challenging.
You mention that you have some new niche verticals in mind, so you’ll never know if you’re passionate about them until you start working with them.
My advice would be to pick a broad niche (for example healthcare) then choose 3 sub niches (for example doctors, physiotherapists and surgeons). Work with them and you will naturally find you prefer one sub-niche over another. Then pursue your chosen sub-niche.
Other factors you may also want to consider:
- How much do you plan to charge and can they afford your services?
- Are people in this niche already hiring other people who offer your service?
- Does this client’s business success rely on using the service you offer?
- Does your gut tell you that you would enjoy working within this niche?
- Is there a high demand for this clients service and is it a growing market?
- Can you easily get in front of the decision maker?
Hope that helps.
