How Do I Know If There’s A Market For My Idea?

There are more than 8 billion people on planet earth. 

Someone recently told me that they doubt if there is a market for their idea that they would love to turn into a membership. It’s what they consider a niched topic but they have serious doubts, whether many people would care, let alone pay for it. 

I love these challenges. 

Now, fifteen years ago, I probably would have agreed with him. I even went so far as saying that it’s really difficult to get paid to do work that you love. I was one of the lucky ones, I thought, because it did require so much pain and- even though I loved my work as a sports photographer- the pay was atrocious. But I still considered myself one of the lucky ones. 

Fast forward a few decades. What a difference time makes. What’s possible now, you ask?

  • Sports fans who make a great living through a Patreon membership who talk about their favorite teams. 
  • Employees who have honed a skillset that they developed at a job and turned it into teaching and a community helping others in that field. 
  • Hobbyists who have taken their most obscure interests and turned them into paid memberships and communities. 
  • Entrepreneurs who have a passion for a very specific, narrow slice of business and create full-time recurring revenue by building a tribe within that niche. 
  • Authors who stopped focusing on selling books and instead used that same book to share information, expand their content and build a community around the book. 
  • Podcasters who put endless hours into their content creation and had the lightbulb moment to monetize their podcast into a membership that gave listeners bonuses, community and VIP access. 

This list, it turns out, is endless. And if we interviewed them all, I would bet that very few of them were convinced that they had an extremely profitable idea upon conception. Quite often, it starts with simply a passion to connect, create or share. It was something they would have done anyway. But if they could actually make a living- or even create an additional income stream- that would be amazing. 

But none of them would recommend not starting. Every day the world becomes more niched down. How else do you explain Training Beta- a membership with in-depth education for rock climbers? What about Neiru- a Japanese nail and art school community? And I recently learned about not one- not two- but three online memberships with a sole focus on handstands. One of them is now a seven-figure membership. 

If I wasn’t already incredibly excited about this membership space, these examples would make me jacked up with possibility and hope. 

Even with that excitement, so many still doubt if people would pay for their idea. They will use the default that there is already tons of free content and groups around their topic. Why would anyone pay for it? 

The example this person gave was in a very specific niche that had a few Facebook groups that she was a part of and participated in. I asked her a question. 

“Would you personally pay for a group that was on the same topic, but it got rid of the negative people chirping, the people who are pitching and it got rid of the riff raff that comes with a free group?

Would that be valuable? And would it be more valuable if it gave access to training and connection to experienced people in that niche? 

“I’ll pay for that right now!” she said. 

“That’s how you know people will pay for what you are thinking about.”

Sometimes, all we need is a different perspective. The future is brighter than the world would have you believe, my friend. 

Have an AMAZING week!

Vincent

Do you want to learn how to create a membership? 

If creating a membership around something you love, or are skilled at- one that creates recurring online revenue and gives you loads of time freedom interests you, then join the waitlist to be the first to be notified when it launches! 

***Newsletter members will be getting a special, inclusive offer during the week of September 5th so stay tuned!***

Join the wait list here!

Archives

Nobody Goes There Anymore, It’s Too Crowded

Yogi Berra was the catcher for the New York Yankees for nineteen seasons, making it to fourteen World Series and winning a remarkable ten world championships.  Yet Berra is remembered for his “Yogi-isms” as much as he is remembered for his incredible success on the baseball field. Many of those Yogi-ism’s are still used today. 

Read More »

Avoid The Trap of The Service Based Business Owner

Often, the very thing that gets you out of a painful spot will be the very thing holding you back from achieving the next level- and causing the next major pain point.  The idea of running your own business, controlling your time and living life on your own terms is most likely appealing to you. 

Read More »

If You Ever Feel Stuck- This Is The Place To Start

All it takes is one great connection to change the course of your life or your business.  Often, when I talk with someone at the very beginning of their entrepreneurial journey- or someone making a pivot- and they ask where they should start, my first questions to them are about their connections, network and friendships. 

Read More »

The Magic of The Unique Blend

How excited would the average candy lover feel if you handed them a regular piece of milk chocolate? I think the level of excitement would be relatively low. What about if you gave them a glob of peanut butter? Not excited for that either, you say?  Yet, by some estimates, the Reese’s Peanut Butter Cup is the

Read More »

Why It’s Good For The Soul To Turn Down The Wrong Clients

It is good for the soul to turn down the wrong potential clients. I have said that line for years, but I was reminded of it strongly this past week. In the past twenty-four hours, I turned down two potential clients for our Membership Freedom community who were interested in joining.  What’s interesting is that,

Read More »

Three Years To Greatness

It takes three years to build it right.   The short-term thinkers hate to hear it. The impatient don’t buy it. But time and time again, it’s proven true. It takes three years to build something from the ground up and make it great.  I say this to every new member of Membership Freedom. I don’t

Read More »