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The Solopreneur Life | Passive Income | Home Business
When Estimating the Profitability of a Niche, Answer These 9 Questions
- By Larry Keltto
- •
- 17 Mar, 2014
I f you’re considering one or more niches and your passion and skills for them is equal, then the tiebreaker is profitability.
To begin to understand the profitability of a niche, answer these questions:
• What specific products/services would customers buy from you?
• What’s the dollar amount of the average sale?
• Would there be recurring/repeat business?
• How long is the sales cycle?
• What are the sales and marketing costs?
• How competitive are the niches?
• Are the niches growing, shrinking, or maintaining?
• How long would it take to become profitable?
• How much of a financial investment would be required to reach profitability?
When you answer these questions, a portrait of a niche’s profitability will emerge.
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