Takeaways:

• Don't assume others will share your enthusiasm for a niche just because you do.
• Before investing money in a business idea, ensure there's a genuine market need.
• Finding a profitable niche requires understanding both interests and the willingness of potential customers to pay.
• Avoid basing your business decisions solely on outdated online search data and trends.
• Start by identifying real needs in the market before worrying about making money.
• Assess whether people are actively seeking solutions to problems before launching your business.

Links referenced in this episode:

• faithcasteracademy.com

Mentioned in this episode:

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Hello, everyone, everywhere.

Pastor Robert Thibodeau here.

Welcome to the faith based business podcast today, we're so blessed you're joining us today.

If you didn't hear where we finished at yesterday, might want to go back and listen to it, but we're just going to jump right into this.

Today.

We are going to be talking about what I let you teased you about yesterday, about collecting nose boogers.

Nose boogers, brother.

Really?

Yeah.

Just stick with me here.

Yesterday, I told you story.

Now, you missed yesterday's episode.

Go back and catch up.

But I told you the story about a man who had mortgaged his house.

Amen.

Let me put that over there.

Mortgage house.

Took all the money and bought lotto tickets, 1 million of them.

He used some software to come up with all the different combinations of numbers so he would have zero duplicates.

Now, we know that with the lotto, powerball, whatever one it was, it was going to be a billion dollars or whatever.

But we know that the odds are 179 million to one or something like that.

Right?

But he got a million.

We figured with that many, he's got to hit something big anyway, it may not be the billion dollar jackpot, but, you know, if he could get five or six of these things in a row that, you know, he.

He'd make out well.

Well, he mortgaged his house, and it took him a couple of weeks or whatever.

He visited all of these separate stores, purchased all these individual tickets.

He had them on the little numbers, right?

The hand had to fill in the numbers on the slips by hand in order to get this done.

But guess what?

He lost.

He did not even make back his investment.

It bankrupted him.

It lost.

He lost his house, everything.

If he didn't lose his family, I'd be surprised.

Amen.

Because that was just pure stupidity.

But he had a plan.

He worked the plan.

Guess what?

The plan failed.

Now, when it comes to deciding what niche you want to be in, in business, don't be like that.

Don't just figure if you think this is a good idea, that other people will think it is, too.

Amen.

Because it doesn't work that way.

It doesn't work.

You have to make sure that your plan has background.

You have to make sure that you've got these bases covered.

Now, this guy should have realized a million tickets did not guarantee a million dollars, not when the odds are, you know, 70 million to one that you're gonna win big.

And at any rate, when it comes to business, you also need to make sure that you're not playing at, you know, 70 million to one odds either.

Because if that's what you figure, you know, well, brother Bo, I enjoy collecting those boogers, so I know others will too.

That's a unique calling.

Yeah, it could be unique calling.

You know, you might think, well, I'll create the course for doing this and it'll be a niche course.

Nobody else is doing this.

Nobody else is selling this, nobody else is teaching people how to collect nose boogers.

And they'll just sign up because it's something different.

I'll have this market all to myself.

Well, folks, if that's your thinking, you might want to first ask yourself why nobody is in that market.

Why is this not something that's selling like hotcakes?

Or you may end up spending a lot of your time, money and effort for absolutely zero income of any kind.

Now, is that what you want?

My guess is not, in order for you to choose a niche where you're going to be making money, I believe you've got to start with some basic interests.

Throw the money aside for right now.

Forget about the money.

Don't worry about the money aspect of it at first, because the first thing you need to do is to find places online where people have needs, real needs, then work on filling those needs.

As you're filling those needs, you can then look, let me come over here and talk to you again.

Praise the Lord.

As you work on filling those needs, you can then look, or little pockets of needs where people are willing to pay money to have those needs met.

Because if people are willing to pay money, there's a lot of people that have that particular need, then you can make some really good money selling in that particular niche.

And really when it comes all down to the basis, like, it's as simple as that.

But if you just start from a position of I want to make some money, the odds are you will make.

The odds that you would make any money at all are very, very slim.

I'm just trying to be upfront and honest with you as I can, but if you start from the position of, well, let me look for a niche.

Whether you're looking for a niche or a sub niche, to a niche you're already in, you need to be looking for the absolute best opportunity for you to enter.

Or if unfortunately, you're in a place where, hey, I just need to make some money.

I've got one or two ideas of some things I might be interested in, but I don't have a real, really a lot of time to do any research.

I just need to take action.

Now, if that sounds like you, what I'm getting ready to share with you will give you at least a roadmap to start making things happen where maybe it'll work out.

Amen.

Let me jump back over here.

Now, let's see.

There we go.

All right.

The first thing we have to do, we have to find out what are the interests, what are the needs of others that need to be met.

Now, we can brainstorm this.

And by the way, rather than just giving you four different ways you can do this, I want you to understand.

I want you to understand the why behind it.

Because if you happen to be in a niche or in an area where the three or four ways we'll be talking about don't work, then it won't help you at all.

Okay.

But if I give you the background for why you would be using these, then you can find something that will work for you over here.

Amen.

The bottom line is, what you've got to do is find out really two things.

Number one, are there people in your interest area that have needs that are nothing being met?

And then number two, concerning the people who have needs that are not being met, are they willing to invest money to have those needs met by investing money with you?

Amen.

You've got to find out both of those things before you invest any money in developing any program to help meet those needs.

Let me say that again so you understand.

You've got to find out both of those things before you invest in developing a program to help meet those needs.

This is a fallacy that's passed off as being a way to tell.

How can I say this, Lord?

This fallacy can be passed off as a way to tell if there's a market for an idea.

It consists of just go online, do some quick research, find out how many people have these needs, find out how much money they're willing to spend, and, well, voila, you got your answer.

To be honest, I don't know if that's ever worked.

You know, you do your keyword research and all that stuff, if it ever did work, I can almost guarantee it doesn't work anymore, not with the complete computer saturation of everything we do.

Back in the day when Google and all them Facebook and all that started, they started doing keyword searches and all, it may have worked back then.

It does not work today.

Amen.

It just doesn't work.

One of the oldest methods, and I think at one point I even taught a variation of this myself, one of the oldest methods back a few years ago, you'd go online, you'd look for something that had lots of searches online it, and it didn't have too many advertisers with it.

It may had some.

The theory was, if there was some advertisers, well, some people must be making some money because people don't pay advertising.

If it's not working in the long run, you may even start out advertising, but after a few weeks or a few months of not making money, they'd end up quitting.

So if they're paying for ads on a consistent basis, it must be working.

It just works that way.

And we can look at some formulas for it.

We can say, hey, if people are advertising, and lots of people are asking this question, well, then somebody is making some money.

So maybe there's room for one more.

Entrant me.

Another thing we could look at, we used to create these fancy algorithms to say there's 100, if there's 100,000 searches, but only five advertisers, or whatever the case may be, then we can say, well, now that's a competitive niche.

That's ultra competitive.

Maybe stay out of that one.

I mean, all those different types of things.

You can come up with all your own scenarios.

I'm just using this as an example of some things that I've seen and unfortunately, some things I've tried in the past, all in an effort to save you from wasting the heartache and the time and the investment that I spent on this stuff, multiple thousands, tens of thousands of dollars, because it doesn't work, okay?

Not for most people.

The truth of the matter is that today, number one, it's much more difficult to get that kind of accurate search information.

And by the way, if you're thinking you're going to get that search information today, you better double check it, because there's a very strong possibility that whatever your, whatever, whoever you're buying it from, that information may be three or more years old already.

Think about that.

But they're just repackaging it to make it look like new information.

The reason I say that is, to the best of my knowledge, for the most part, the providers of that information are no longer providing it for free anymore.

The raw data, the raw data is no longer there.

Now there's this huge industry around selling that kind of information, but the information doesn't really exist anymore, certainly not, to my understanding, the way it used to be.

It's.

If that's the way they used to look at it, but it doesn't work anymore.

What else can we do?

And that's where I'm going to leave you for this time.

That's what we're going to talk about next time.

What else can we do?

Well, we're going to talk about doing some research in that area.

Amen.

Hey, before we go, let me jump back over here.

Before we go, be sure to drop down into the show notes down below and hit that subscribe button.

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For more informative and uplifting messages just like this one, you can check out faithcasteracademy.com as well for training.

That'll help you reach more people with what you do.

Just go to faithcasteracademy.com.

faithcasteracademy.com.

Amen.

Praise God.

That's all the time we have for today.

Until next time, it's Pastor Bob reminding you, be blessed in all that you do.