Niche Market Madness: Why Collecting Nose Boogers Won't Pay Off
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- Avoid basing your business decisions solely on outdated online search data and trends.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:
Mentioned in this episode:
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Transcript
Hello, everyone, everywhere.
Pastor Robert Thibodeau:Pastor Robert Thibodeau here.
Pastor Robert Thibodeau:Welcome to the faith based business podcast today, we're so blessed you're joining us today.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Today.
Pastor Robert Thibodeau:We are going to be talking about what I let you teased you about yesterday, about collecting nose boogers.
Pastor Robert Thibodeau:Nose boogers, brother.
Pastor Robert Thibodeau:Really?
Pastor Robert Thibodeau:Yeah.
Pastor Robert Thibodeau:Just stick with me here.
Pastor Robert Thibodeau:Yesterday, I told you story.
Pastor Robert Thibodeau:Now, you missed yesterday's episode.
Pastor Robert Thibodeau:Go back and catch up.
Pastor Robert Thibodeau:But I told you the story about a man who had mortgaged his house.
Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:Let me put that over there.
Pastor Robert Thibodeau:Mortgage house.
Pastor Robert Thibodeau:Took all the money and bought lotto tickets, 1 million of them.
Pastor Robert Thibodeau:He used some software to come up with all the different combinations of numbers so he would have zero duplicates.
Pastor Robert Thibodeau:Now, we know that with the lotto, powerball, whatever one it was, it was going to be a billion dollars or whatever.
Pastor Robert Thibodeau:But we know that the odds are 179 million to one or something like that.
Pastor Robert Thibodeau:Right?
Pastor Robert Thibodeau:But he got a million.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:He'd make out well.
Pastor Robert Thibodeau:Well, he mortgaged his house, and it took him a couple of weeks or whatever.
Pastor Robert Thibodeau:He visited all of these separate stores, purchased all these individual tickets.
Pastor Robert Thibodeau:He had them on the little numbers, right?
Pastor Robert Thibodeau:The hand had to fill in the numbers on the slips by hand in order to get this done.
Pastor Robert Thibodeau:But guess what?
Pastor Robert Thibodeau:He lost.
Pastor Robert Thibodeau:He did not even make back his investment.
Pastor Robert Thibodeau:It bankrupted him.
Pastor Robert Thibodeau:It lost.
Pastor Robert Thibodeau:He lost his house, everything.
Pastor Robert Thibodeau:If he didn't lose his family, I'd be surprised.
Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:Because that was just pure stupidity.
Pastor Robert Thibodeau:But he had a plan.
Pastor Robert Thibodeau:He worked the plan.
Pastor Robert Thibodeau:Guess what?
Pastor Robert Thibodeau:The plan failed.
Pastor Robert Thibodeau:Now, when it comes to deciding what niche you want to be in, in business, don't be like that.
Pastor Robert Thibodeau:Don't just figure if you think this is a good idea, that other people will think it is, too.
Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:Because it doesn't work that way.
Pastor Robert Thibodeau:It doesn't work.
Pastor Robert Thibodeau:You have to make sure that your plan has background.
Pastor Robert Thibodeau:You have to make sure that you've got these bases covered.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Because if that's what you figure, you know, well, brother Bo, I enjoy collecting those boogers, so I know others will too.
Pastor Robert Thibodeau:That's a unique calling.
Pastor Robert Thibodeau:Yeah, it could be unique calling.
Pastor Robert Thibodeau:You know, you might think, well, I'll create the course for doing this and it'll be a niche course.
Pastor Robert Thibodeau:Nobody else is doing this.
Pastor Robert Thibodeau:Nobody else is selling this, nobody else is teaching people how to collect nose boogers.
Pastor Robert Thibodeau:And they'll just sign up because it's something different.
Pastor Robert Thibodeau:I'll have this market all to myself.
Pastor Robert Thibodeau:Well, folks, if that's your thinking, you might want to first ask yourself why nobody is in that market.
Pastor Robert Thibodeau:Why is this not something that's selling like hotcakes?
Pastor Robert Thibodeau:Or you may end up spending a lot of your time, money and effort for absolutely zero income of any kind.
Pastor Robert Thibodeau:Now, is that what you want?
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Throw the money aside for right now.
Pastor Robert Thibodeau:Forget about the money.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:As you're filling those needs, you can then look, let me come over here and talk to you again.
Pastor Robert Thibodeau:Praise the Lord.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:And really when it comes all down to the basis, like, it's as simple as that.
Pastor Robert Thibodeau:But if you just start from a position of I want to make some money, the odds are you will make.
Pastor Robert Thibodeau:The odds that you would make any money at all are very, very slim.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Or if unfortunately, you're in a place where, hey, I just need to make some money.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:I just need to take action.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:Let me jump back over here.
Pastor Robert Thibodeau:Now, let's see.
Pastor Robert Thibodeau:There we go.
Pastor Robert Thibodeau:All right.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Now, we can brainstorm this.
Pastor Robert Thibodeau:And by the way, rather than just giving you four different ways you can do this, I want you to understand.
Pastor Robert Thibodeau:I want you to understand the why behind it.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Okay.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:The bottom line is, what you've got to do is find out really two things.
Pastor Robert Thibodeau:Number one, are there people in your interest area that have needs that are nothing being met?
Pastor Robert Thibodeau: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?
Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:You've got to find out both of those things before you invest any money in developing any program to help meet those needs.
Pastor Robert Thibodeau:Let me say that again so you understand.
Pastor Robert Thibodeau:You've got to find out both of those things before you invest in developing a program to help meet those needs.
Pastor Robert Thibodeau:This is a fallacy that's passed off as being a way to tell.
Pastor Robert Thibodeau:How can I say this, Lord?
Pastor Robert Thibodeau:This fallacy can be passed off as a way to tell if there's a market for an idea.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:To be honest, I don't know if that's ever worked.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:It does not work today.
Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:It just doesn't work.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:It may had some.
Pastor Robert Thibodeau:The theory was, if there was some advertisers, well, some people must be making some money because people don't pay advertising.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:So if they're paying for ads on a consistent basis, it must be working.
Pastor Robert Thibodeau:It just works that way.
Pastor Robert Thibodeau:And we can look at some formulas for it.
Pastor Robert Thibodeau:We can say, hey, if people are advertising, and lots of people are asking this question, well, then somebody is making some money.
Pastor Robert Thibodeau:So maybe there's room for one more.
Pastor Robert Thibodeau:Entrant me.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:That's ultra competitive.
Pastor Robert Thibodeau:Maybe stay out of that one.
Pastor Robert Thibodeau:I mean, all those different types of things.
Pastor Robert Thibodeau:You can come up with all your own scenarios.
Pastor Robert Thibodeau: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?
Pastor Robert Thibodeau:Not for most people.
Pastor Robert Thibodeau:The truth of the matter is that today, number one, it's much more difficult to get that kind of accurate search information.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:Think about that.
Pastor Robert Thibodeau:But they're just repackaging it to make it look like new information.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:The raw data, the raw data is no longer there.
Pastor Robert Thibodeau: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.
Pastor Robert Thibodeau:It's.
Pastor Robert Thibodeau:If that's the way they used to look at it, but it doesn't work anymore.
Pastor Robert Thibodeau:What else can we do?
Pastor Robert Thibodeau:And that's where I'm going to leave you for this time.
Pastor Robert Thibodeau:That's what we're going to talk about next time.
Pastor Robert Thibodeau:What else can we do?
Pastor Robert Thibodeau:Well, we're going to talk about doing some research in that area.
Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:Hey, before we go, let me jump back over here.
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Pastor Robert Thibodeau:Amen.
Pastor Robert Thibodeau:Praise God.
Pastor Robert Thibodeau:That's all the time we have for today.
Pastor Robert Thibodeau:Until next time, it's Pastor Bob reminding you, be blessed in all that you do.