Whenever I start a new project, I pull up a Google sheet. And I go and look at the market, and I see, how big is the market? Who’s in the market? What are they offering? What sort of opportunities are there? What are they doing? Well, what are they missing? How can I add value? Where can I complement people who are already in the market?
And sometimes I’ll figure out, there’s just not enough space there. Even if things go well, there’s just not enough market to actually have a good enough income for it to be worthwhile, so it gets stopped there. That’s when you decide if you’re going to go for local market, or a global market. Turns out for my own business, I’ve ended up being a dot com business, selling in US dollars and dealing with a global market, because the global market is accessible online. And if you have a product that generically works across global markets, you might as well.
And I imagine there’ll be some products or services or anything that involves physical things, for example, or geographic limitations, such as legal situations or supplier licensing contracts, etc., then you may have restrictions on where you can actually go. So it’s worth figuring that out before you even lay down too many electrons building out a website or trying to build an audience for a new product or service.
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