- Hi everyone, it's Neil Patel here,
and we're here for another Q and A Thursday video.
I'm here with Adam LoDolce from Viewership.
- Hello, everybody.
- And this week's question is--
- This one's from Jay Brooks and it looks like
he was in the military, so thank you for your service,
if you were--
- 'preciate it, Jay Brooks.
- And he says "I'm currently an ER nurse,
with a BS in Business and Computer Science."
And he once started a technology based company
with $500, grew to over, in a few years,
to over 400 K a year.
Now I'm gonna jump a little ahead
'cause it's a long comment.
Basically, I wanna create a business I can do the internet
and still have interest in helping others in business,
but he's having a difficult time picking a niche, niche.
I'd like to one that isn't too crowded,
like internet marketing, SEO, something like that.
Please help.
- So in other words, he's trying to find a niche
that's not too crowded.
- Yeah, exactly.
- And if you're trying to find a niche
that's not too crowded,
that's the wrong way of thinking about it.
Here's why.
If I tell you a niche today that's not too crowded
that you can do well,
you're not passionate about it.
You're not gonna do as well in that niche
verses something that you truly love.
- Right.
- For example, you're in the military.
Whether it's the Army, whether it's the Navy--
- We're assuming, based on his picture.
- Based on your picture, we're assuming
'cause you're dressed up in a military outfit.
And again, we appreciate the service.
- Right.
- If you find something that you're super passionate about,
you're gonna put in more time, more energy,
you're gonna do whatever it takes to succeed.
So don't think about a niche or a business as in,
what can I do to make money?
Most people don't make money because they wanna make money.
Most people make money because they're solving a problem.
So instead, what I would recommend to you is
figure out what you're passionate about,
what problems are you facing
in that sector you're passionate about,
and other people facing,
and go and solve those problems.
If you do that, and you put a business around it,
eventually you'll do well.
It doesn't matter if it's a niche.
It's funny, everyone thinks, oh you wanna do a niche.
It's the quickest way to make money.
No, the easiest way to make money is to pick
a total addressable market, 'cause if your market
is like a hundred billion dollar market,
it's really easy to make 50 grand
out of a hundred billion dollar market.
It's much harder to make 50 grand out of a market
that's only one million dollars,
no matter how small that niche is.
- Right.
- Or how, even if it's not crowded.
And if you're not sure what you're passionate about,
what I would recommend to you,
is to go and try unique and new things every single day
that you think that you like.
Eventually you'll learn what you like, what you don't like,
and what you're good at.
What you'll find is, what you like and what you're good at,
usually go hand-in-hand,
'cause when you like something,
you're probably usually naturally good at it.
Or when you like something, you're probably better at it.
Or you'll end up finding out, oh I like this but I can't
see myself doing this for a whole week or a month.
And if you like something enough, you're like,
Alright let me try it out for a whole week.
Alright, I still like it, I can see myself doing it
for the rest of my life.
Try it out for another month then, see what happens.
Eventually you'll figure out something
you're passionate about and then go find problems
that you can solve within that space.
Don't pick a niche based on income,
pick a niche based off of passion, and make sure it has a
really large total addressable market size.
If you're not sure how to find that out,
do two things.
One, go to Google Trends, type in keywords
within your industry and space.
You'll see how big it is.
Make sure it's much larger than digital marketing,
in comparison when you're using Google Trends.
You can compare both of them together.
In addition to that,
look for publicly-traded companies within your space.
If you can, find companies that have multi-hundred
millions of billions of market cap from whatever industry
that you're looking to get into.
That'll tell you that it's a big niche.
Assume that the market cap is made up from the revenue,
or line-item that from the industry that you're thinking
about getting in,
'cause companies like Google have multiple things
from Chromebooks, to phones, to ads, right?
So you have to figure out what revenue stream is
from the industry that you're interested in.
And then from there, you can go and carve out
a quote-unquote niche within that space and solve a problem,
but look for a bigger market.
Don't look for a small one.
- Yeah, I agree with that.
And just always be thinking, you know,
what problem am I uniquely qualified to solve?
You're in the military, you're an ER nurse,
you also happen to have a Business Degree.
That is a perfect storm of something
in clearly the medical area.
Maybe there's a medical device or something like that.
That's how I got into Viewership,
is because I had a big YouTube channel,
and then I was like, you know I'm gonna try other stuff.
So I thought, what problem am I uniquely qualified
to solve, helping other people do the same.
So always be thinking about that,
because you don't wanna just be a generalist.
You wanna go for big markets, but also have a unique way
of solving that problem.
So for you, that might be your way of moving forward.
Who knows?
- So that's it.
Thank you for watching this week's Q and A Thursday video.
If you want your question answered on next week's video,
leave a comment below.
Either way, I'll respond and I'll give you an answer,
but it may show up on next's week's video.
In addition to that, please subscribe, like, share.
Thank you for watching.