Home   >   Cruising Business   >   Love Is NOT All You Need – Choosing a Business Niche for Your Sailing Money, Step 1b

Love Is NOT All You Need – Choosing a Business Niche for Your Sailing Money, Step 1b

By on October 24, 2014

I wrote an article a few weeks ago about Step 1 of Setting Up a Web-Commuting, Internet Business for Sailing Money. I wrote about how it’s a great idea to pick a business niche that you love (Really, it was a pretty good article. Check it out!). While having a passion for the subject of your business is necessary, it is certainly NOT the only thing that you need to ensure the business will thrive.

A business needs to make money. Therefore, it is also necessary to make sure that there is a market for your business and that it can be monetized.

You may have all the passion in the world for the business niche that you’ve come up with, but if there is no market for that niche, then there is no money to be made. Your “business” will become a hobby that you are paying for, instead of profiting from.

I’m sure you can find “experts” out there on the internet that will say, “You don’t need to love what you’re doing as long as what you’re doing makes money.” Other experts will also say, “Don’t worry if there is no market for your business and no way to monetize it. If you have passion for your work and you love your business niche, then work harder and everything will work out in the end.” I have this theory…why not both? I think that you should love what you’re doing and make sure that it is profitable.

Okay, but how do we figure out if the business idea that we have is marketable? I’m glad you asked!

Don’t Fear Competition

Did you find somebody else that is already executing your business idea? Competition that is already making money in your chosen niche is a great sign! Now, you might be saying to yourself, “But if there’s competition, doesn’t that mean that my niche idea has already been taken?” Yes, but if that competition is making money, it means that the niche is marketable and profitable.

The key here is to compete by standing out. How is your product or service a little different? How is your product or service better? What is it about YOUR PERSONALITY that makes your community want to purchase from you instead of your competition?

Another business may have cheaper prices. That doesn’t mean you can’t compete. In fact, sometimes cheaper prices lead customers to believe that they’re buying a cheaper product. This is also where your personality (or your business brand) can be a huge selling factor. Does your community love your brand and what you give them? Do they trust you to always provide extraordinary quality and value?

Don’t fear competition. Think of other businesses as your allies. They push you to work a little bit harder to make sure that your community knows, loves, and trusts you and your business.

Warning: You may find that your competition ISN’T making money!

This is where you have to be careful. If you can’t find any competition, or most of your competition isn’t generating income, then you may want to choose another business idea. They may just be doing something that they love as a hobby.

Solve a Problem

Plain and simple, people are willing to pay for something that solves their problems.

The GoPro cameras are a great example. Before GoPro released their cameras I was looking for a camera that I could take SCUBA diving. I didn’t want to spend $2000+ on a professional underwater camera rig. I wanted something that I could take decent pictures with while I was underwater. I wanted something that was small, and might be able to fit in my pocket.

There were some great 12 megapixel, point and shoot cameras available at the time, but were any of them waterproof? I came across the Olympus Tough Series and I bought one. I proceeded to purchase the $300 underwater housing for my Olympus camera so that I could take it below 33 feet.

The Olympus camera setup ended up costing around $700 for the camera and housing alone. Then, I used the camera while snorkeling so I neglected to put the underwater housing on. I quickly realized that saltwater destroys everything. The camera was under warranty, and the whole process to get the camera fixed went smoothly with Olympus, but I had only used it 3 times! The camera with the underwater housing couldn’t fit in my pocket, there was no way to attach it to anything, and the video quality wasn’t all that great to begin with.

Along came GoPro. I didn’t immediately go out and get one. I actually didn’t pick one up until the GoPro Hero3 Black was released. However, here was a camera that shot video in 1080p, took 10 mega pixel still images, and included everything I wanted! It came with a case that allowed the camera to reach depths of 131′, mounts that could be attached virtually anywhere (and more mounts available for purchase as accessories), it could fit in my pocket withe ease, and all for about $400! Talk about solving my problems. I paid for one! I now know, love, and trust GoPro. I am a GoPro customer for life.

Find a solution to a problem that your community is having. Create an amazing solution for that problem. People will pay for that solution. Oh, and do you think GoPro had any competition in the high resolution digital camera market?

Figure Out if Your Business Idea is Profitable

Do you want to find out if there is already a market for your business idea? Do you already have competitors that are making money? Is there a community out there that will pay for a solution to a problem that you can solve?

Sign up for the Sail Loot email list below and we will quickly explain a few tests that you can run to determine if your business idea is marketable. You’ll still receive the Free Ultimate Website Tacticians Checklist, but we’ll also send a second email containing 2 quick profitability tests.

Do you have a business idea that you love and think can be profitable? Leave us a comment below.

Teddy

Did you enjoy this article? Sign up for the Sail Loot Email Rally
And cruise with us on one of these social networks

About Teddy

I am a 37 year old that just wants to find a way to make a remote income, gather some Sail Loot and cruise the world! I have been sailing for a couple of years now, but mostly on 10 day trips as vacationing crew. I just recently took sailing to the next level by completing my Basic Keelboat, Basic Cruising, and Bareboat Cruising Certifications! I am also Vice President of a Medical Consulting Company, have a Mechanical Engineering degree from Georgia Tech, and have taken several Coding, Computing, and Online Business courses. It's time to share what I have learned!