Is it possible to find a lucrative niche in the market in the midst of one of the largest pandemics in world history?
Can it be done when people hang on to their money like a lifeboat in the middle of the Atlantic Ocean? When food bank lines go back miles in every town and city? When millions of people are out of a job, not knowing when or if they’ll ever come back.
My answer is yes. Yes, you can find a lucrative niche in the market. In fact, this is one of the best times to find a lucrative market. Why? Because many people need solutions to problems. When you have that scenario, money opportunities abound. If you take certain actions, I will reveal them to you.
The advantage of knowing this in an economic downturn
For example, did you know that more millionaires were created during the Great Depression than at any other time in history? The same could be said of every recession and economic downturn since then. So stop and let it sit for a few seconds before continuing. A transfer of wealth has already begun.
Those who make it will follow the advice in this article one way or another, those who don’t will be the ones who end up in line for food, with overdue bills or not knowing if they will be able to find work. Which one will you be?
This is why. Economic downturns are the best times to shop cheap, take advantage of bargains, and help people too scared or wary to take chances. Also, there are plenty of people desperate to download what they have for huge discounts or even free.
Those who are prepared with cash, sales skills, negotiating skills, or financial knowledge can benefit greatly in economic downturns.
How to find your lucrative niche in an economic downturn
The best way to find your niche is to first take inventory of your skills, experience, and passions. This is often an area that many people do not examine as thoroughly as they should.
When counseling people who fall into this category, the default response is “I don’t have any such important skills, experience, or passion.” My answer is always WRONG! Everyone does if you are over 12 years old.
After completing my quiz, most people are surprised how much they know, how much experience they have in doing specific things and most people discover a hidden passion that they never realized they had.
List your skills, experience, and passions
It is extremely important to know your skills, experience and passion as step 1 before looking for a lucrative niche. Because they determine what kind of niche market you are looking for and will tip the scales in your favor.
The first rule in doing this is to not discount any of your experiences, skills, or passion. List everything and I mean everything you like to do, can do better than most people, as well as any skills you might have.
For example, I have encouraged people to make a list by watching TV, surfing online, listening to the radio, driving, shopping, cooking bacon and eggs for breakfast, etc.
You have to admit that all of the above items mentioned are pretty mundane or average at best. But people all over the world get paid to do those simple things.
But just using those examples, you could create incredibly lucrative niche businesses, services, or even products. And hundreds, thousands, or even millions of people would beg you to buy.
Think of the product or service that others do not provide to solve problems
This is lightbulb time when it comes to finding a niche in economic downturns. Match what you like to do, your skill or experience with the problems you see people experiencing. Then create, find, or improve a product or service to help them solve their problem. Or become a broker to match people with a specific problem with others who can provide a solution. For more specific plans or how to do this, click the link in the resource box below
In economic downturns there are problems everywhere, start seeing them as opportunities where you can make money and solve someone’s problem. This is how businesses get started in economic downturns and in some cases become millionaires. Try it.
