Tuesday, 19 June 2007

finding your niche opportunity

My wife runs a simple e-bay store call Michelle's Happy Corner. It is a simple business selling wedding/party invitations and stickers. She likes selling it as craft, in particular paper craft, has always been her passion. At first we thought that wedding/party invitations and stickers is niche enough to generate some income, that was until my brother-in-law started to sell his stuff.

My wife's brother is a tram driver in Melbourne, and during his route, he would take photos and videos of other trams. He also does the same for trains and planes. I think I would describe him as a transport enthusiasts. Just recently, he puts these videos and photos up for sale on e-bay, and he is making a killing.

He recently sold a DVD for some tram footage for $52. This is an amazing return for this time, effort and a little bit of outlay.

This is a clear example of searching for opportunities that are outside our knowledge domain. The domain which my brother-in-law is operating in is totally outside of what I can grasp, and I am proud of him to being able to spot an opportunity and ran with it.

So what does that mean? Off the top of my head, I can think of two main ways of possibly spotting these opportunities. If you have some ideas, share them in the comments.
  1. Talk the different people - One of the easiest way to just to talk to other people. You will be surprise on what you learn. Their interests may be from an unfamiliar domain.
  2. Step out of your comfort zone - Doing something outside of your comfort zone will allow you get a taste of something that you may have never attempted, and hence it will open up a whole different world.
Once you identify the opportunities, put in the effort to check it out. It may turn out to be the next big thing.

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