Need help choosing an industry/ niche
Starting off, I've tested a lot of ideas over the last 2 years but all in completely different industries targeting different customers - this is really annoying since all of my knowledge is useless in the next venture.
And I believe every industry & niche has a bunch of problems if you gather knowledge for a long enough time.
So now I am looking at a few emerging trends/ industries that are starting to evolve and I will try to focus all of my efforts there for the next few years.
Do you think there are some flawed assumptions in my thinking or approach?
From there I really want to focus on B2B problems, I don't have any insight but hope to get that if I just keep testing within that niche. (Using the mom test, talking to people, reading what they find annoying)
Here are some things I've thought of but it's really hard for me since I just don't know where to look for these things:
- Remote work / hiring from abroad (payroll, compliance, taxes)
- Defi / NFT (lowering entry barriers, building 'shovels' - likely a lot to do there)
** Do you have any ideas of what could be a good industry/ emerging trend to be finding problems in? **
I really hope this doesn't come across stupid, but I already burned myself with a bad niche and a low willingness to pay target customer - so now want to make sure the foundation is somewhat alright.
did you read this? could be helpful for you: https://twitter.com/ImSamThompson/status/1423708753698844675?s=20
also, I do research on business opportunities in different niches/industries every week, in case you want to check it out: https://communityvalidated.substack.com/welcome
Oh also the twitter thread is also really f-ing nice, especially about the finding problem bit. I did not know that!
Hugely appreciated and please let me know if you ever need any help.
Thought this post died long ago haha so I appreciate the response, but very interesting newsletter- I really like the business premise of communityValidated and subbed to it.
The biggest problem I had with Trends (+ etc.) was that they just feed you random data points that feel kinda productive but within reality they're just small dopamine hits that lead to nothing.
So what you're creating is awesome, since the solution and execution part takes mad skill but finding the problems/ nichés feels more RNG focused if you get exposed to it and can see the water.
Btw I know this may compromise your business 'secret formula' but how do you stumble upon problems? Is it forums of that particular niché? Doing the mom test on the people in that niche?
No need to answer if you don't want to.
And I looked at the notion page - It's a bit confusing since I am not sure exactly who is complaining, I saw 1,2,3,4,5 Problem Discovery are they all for Yoga Teachers?
But good luck to you, and I also dropped you a follow on twitter!
Marten
P.s if you find a way to use this method to find problems that proper businesses have, and where they complain, people - including me, would be willing to pay the big bucks to have access to it.