The No-BS Guide on How to Earn Passive Income in 2024
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Quality of demand is just as important as the quantity of demand.
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When starting a business you want it to be around for the long term. A business that you could pass on to your children. So you have to avoid making the mistake of targeting markets that are here today but gone tomorrow. You want to focus on markets that are steadily growing and markets that are stable.
Here are two good types of demand that you want to explore before starting a business.
Ideally, you want to choose a business idea or niche around a market that is growing steadily over time. The main objective of you going into business is to ensure a steady flow of income in the years to come.
While you can make money from fads, the time, energy and effort you put into your business should result in long-term gains not short-term, temporary wins. You want to be able to ensure income streams into your retirement years. You also want a business that you can pass on to your children and grandchildren. The best way to do that is to pick a niche with steadily growing demand as shown in the diagram below.
In the Market Activation Training, you will learn how to find and choose business ideas and niches with good quality demand, every time. This Blueprint gives you an overview of the Market Activation Framework, which you can download for free.
Like growing demand, stable demand is also a good thing to look for when coming up with a business idea or choosing and niche market.
Stable demand means that demand is neither growing nor declining and has remained relatively consistent over a long period of time. This is a good thing. If after ten years demand has been consistently stable then you can assume that all else remaining equal, this market will continue to be stable well into the future. And that is great news for your business.
Being able to predict demand in your niche with certainty means that you can comfortably make decisions about your business.
Consistency and predictability are good for business.
There are some types of demand that you need to be very ccautious about. While yyou can still build a business that demonstrate these types of demand patterns over time, it is much more challenging. Here are some demand types yyou want to avoid or at least be cautious of.
The term unicorn demand gives away the meaning of this type of demand in two ways. Firstly, a Unicorn is a creature that doesn’t really exist. Similarly, a market with unicorn demand is usually so short-lived that you wonder if it ever existed at all. Also, the demand pattern over time actually looks like a single horn, as depicted in the diagram below.
Niches with unicorn demand are not good choices if you are building a long-term business.
The fidget spinner niche is a perfect example of a niche with unicorn demand. Fidget spinners were hot on the market for a couple of years, but as with any fad, this niche faded away as fast as it came into existence.
And yes, people made lots of money in this niche, but again, you want to aim for a business with staying power.
In the Market Activation training, you’ll learn how to know if your business idea or niche falls into the unicorn category. I’ll show you a couple of tools that you can use to know with certainty what type of demand your niche has.
You also want to avoid markets that are on the decline. If your business idea revolves around a niche market that is losing popularity, then be very cautious. While you may have demand today, you probably won’t have enough five, ten, twenty years from now. All of the hard work you put into building your business today would have been in vain. So you need to avoid those markets that are on the decline.
Even if you’re currently in a market that is declining there are strategies you can adopt to help you with the transition. These are discussed in this training.
Also, there are markets that are seasonal or cyclical in nature. That means that you’d make money only certain times of the year and other times your business might be at a virtual standstill, like selling Christmas trees in December or garden equipment in Spring and Summer. While you can enter those markets and make money sometimes during the year you want to ensure that you have stable income coming in all year round. There are certain strategies you need to adopt to ensure that your business remains unaffected throughout the year. And I’ll share those strategies with you in this training.
You also want to avoid markets with volatile demand. Volatile means that demand is unpredictable. It’s high one minute then drops unexpectedly. Because it is unpredictable you cannot plan and you don’t know if or when you’d make money from this market. If your business idea points to a volatile niche market, then you need to pick another idea. This is a type of business to avoid.
If you find yourself already in this situation there are strategies to deal with volatile demand. So have no fear.
So, how do you avoid starting a business with the wrong type of demand?
How do you come up with a business idea that can guarantee sustained demand for a very long time?
How do you pick a niche that you can feel comfortable with because you know with certainty that it will be around for a while?
How can you start your business with confidence about the future?
All of these questions and concerns can be easily answered with the Market Activation Framework.
In the Market Activation training, I’ll share with you a free demand analysis tool that you can use for virtually any niche. You can look at demand patterns over time and know with certainty if the business idea you have is a winner or not.
You’d even be able to see demand patterns for specific geographic areas (country, state or even a city).
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