How to Know When to Cut a Business or Niche Loose
Being an online marketer, you might struggle with wanting to quit at certain times during your journey. You might not want to quit for good, but youíll be tempted to abandon various business models and niches along the way.
Thatís normal for almost all marketers. Itís usually a combination of restlessness, distraction, and self doubt that cause you to second guess your choice and abandon it for something new and different.
But sometimes, the concern is real, and you donít want to spend days, weeks or even months holding on to a struggling idea just because you refuse to be a quitter. Itís a fine line between leaving something alone because you know it wonít work, and making worst case scenario assumptions without any facts to back it up.
To combat any problems with cutting a niche or business idea loose, you have to plan accordingly. Before you get involved in a niche or business, conduct thorough research so that youíre not going in blindly.
You might want to find out what the search volume is like for the niche, how many digital and tangible items you can promote as an affiliate, how much products are priced at if you decide to create your own, and whether or not a business model has long-term success for many other marketers.
One you have your basic questions answered, youíll want to go into it with a plan of action. You should know what steps you want to take toward your success. You canít just slap up a blog and expect money to appear.
A plan of action requires you to spend time educating yourself about the niche or business model as well as taking action steps each day toward the finish line. So if your business model is to publish your own info product, then youíd need to complete that before chalking it up as a failure.
You canít get halfway done and then call it quits because you wonít know if it could have been a profitable venture for you. But sometimes, you know halfway through that your heart just isnít in it.
As long as you donít use this excuse repeatedly, and learn to be picky about what niches and topics you pursue, itís okay to occasionally let something go when youíre just not enjoying it.
After all, this is your online business and as a solo entrepreneur, youíre the one who has to make the decisions ñ and you should enjoy every minute of your business building efforts.