Many entrepreneurs start their businesses because they see a problem that they believe that they can fix. For example, Sam Walton founded the hugely successful Walmart franchise because he realized that people would purchase things in larger amounts if they didn't have to pay as much, and that concept lead to his enormous success.



You may be thinking "Well that's just great for Sam Walton, but what about me? I've probably missed solving all the really profitable problems, and I might not know how to solve them even if I knew what they were." Well, there is good news! You don't need to resolve an enormous issue to make a mint ? you just have to target people whose issues are not yet being addressed.

A group of people that have a certain set of needs are called a niche. For example, there are a lot of people in the world who are interested in real estate investing. It would be hard to address every single one of their needs with one product. If you tried, you would probably end up pleasing no one. However, by focusing on the needs of one specific group of people ? for example, real estate investors who are interested in short sales or construction contractors who are interested in real estate investing ? you can answer all the needs of a particular sub-group.

Many people stop right there, thinking "that would be great but I don't have any special knowledge that will let me find a niche like that." They are focusing on the wrong thing entirely. The idea is not to teach them yourself ? the idea is to help them find the things that they need to do the things that have to do with their particular interests!

Smart business people realize that their businesses will be most successful if they rely on their strengths, and that sometimes a strength can be something as simple as knowing what people want, then helping them get it ? and that kind of simple, straightforward action has the potential to net you the biggest, easiest profits of all. By focusing on a small group of people that have been underserved in the past, you can create a devoted market that will wait for your next move eagerly and literally beg to pay your for your services.