Deciding on your niche
We will now finish off your niche research spreadsheet and decide on the niche that you will move forward with.
Don't get stuck on this step. Finish it quickly, be decisive, and trust your decision. You can always pivot and change your niche later.
Completing the niche research spreadsheet
We have a few quick columns to fill out for each of our niche ideas:
- Will it last 3+ years? - based on the research we have done, answer yes or no. We can never be sure, but if you are in doubt, answer "no".
- Seasonal? - do the sales increase and decrease predictably throughout the year, e.g. for Christmas? Answer yes or no.
- Notes - enter anything else you think is worth considering for this niche idea.
Entering your overall rating
Get yourself a nice cup of tea/coffee/beverage, and take a few minutes from the screen.
Now you are back, it's time to rate your niche ideas!
This is not an exact science and doesn't have to be perfect. Trust your gut instinct - you have already done a lot of research, so your subconscious has a good idea.
Choose a rating out of ten for "Your Rating", with ten being the highest. Consider all the other columns you have entered, and then pick a number.
Don't spend too long on this and if you are stuck, pick the first number that comes to mind!
Dealing with doubts
Right now, you are probably feeling some doubt about your choices. You might feel like going back and starting the niche research again with new ideas.
Only do this if you are really unhappy with your choices; your ratings will reflect that. Otherwise, we keep moving forward.
Remember that you can add more stores in different niches and change the direction of your stores (i.e. pivot) at any time. You are not making big investments in stock, so it's easy for you to change direction if you need to.
Decide on your niche
Review your research again from your spreadsheet, and check over each column for each of the niches. Look at your notes and compare the niches to see what fits best for you.
If needed, narrow down the niches to just two and compare them directly. What are the positives and negatives? Which one excites you more?
The decision is yours. Once you have made it, stick with it, and move forward to the next Success Training section.
You have now decided on a niche, and we will move on to the next training in your Success Training.