Majority of my advice to people building stuff these days…
Majority of my advice to people building stuff these days:
Everyone's building things way way too broad, niche down and then niche down again. Start small and only expand focus if it worked
A nano-niche can be the size of 10 customers in your whole country, but that's 1,000 customers worldwide and if they all pay $100/mo, that's $1M/year serving just them!
For example:
Niche: travel
Micro-niche: nomads
Nano-niche: retired nomads
You hit it on the head, this is something I am painfully learning. I have not invested into software for our product, rather just reaching out to travelers. This is easier said than done. As a software engineer, the instinct is to draw big feature plans on the board and start hacking.
But I have been resisting it to find the niche audience I want to actually build the product for. Travel is a huge market, constantly growing. But I am taking as much advice and postponing developing things until I see a niche with a pain.
Interesting. How do you brainstorm these ideas?? is there any method or tool available to choose my micro niche.
I don't think there is a tool to find a niche as you've described.
But I think we can use site like google trends.
I'm apprehensive as to whether this applies to marketplaces (niche: 👍. micro/nano - 👎)
Classic example being dating for nomads. The relative pool-size is absolutely minuscule [especially as it's already sub-niched by 'suitable matches', whatever the main niche is], and nobody as far as I know has come even close to solving it.
I'd be happy to be proven wrong here.
what about nano-niche and less payment like $5 bucks ? it that get value to continue the project?
I have the same question. But I think if the price point is that low, we are solving something very trivial and small.
Hence we can have a nano-niche at this price, but the number of potential users will be pretty big... maybe in 10,000s, worldwide.
Jack up the price to $10 with 10,000 users to reach that $1M spot.