take our big list of niche ideas that we have brainstormed and narrow it down to just 5 ideas. So if you haven't watched the previous video and you haven't written out your list of ideas, then I recommend going back and creating that list. It is absolutely a crucial prerequisite for watching and following this video because what we're now gonna do is we're gonna take our big list of ideas and we're going to identify which of these ideas that we think we have a big advantage in. Advantage in. And to do this, we will actually not be using research data, and that is because using research data is actually quite time intensive. For most people, it isn't realistic to come and take all of their niches and to deep dive into them with extensive research because this would take too long. And so instead, what we're gonna do is we're gonna take our big list of ideas and we're gonna narrow down which of these we think we might have a big advantage in by just asking ourselves some very important questions. And these questions are about you. Yes, you. And so my first question is actually pretty simple. Which of the ideas on your list are you passionate about? This is probably the number 1, yes, the number 1 factor to consider when you're narrowing down your ideas, and that is for 3 reasons. The first is that it's because the number 1 trait that has been identified by researchers when researching people who are successful in all endeavors in life, whether it be financial and business success or whether it is, instead, sporting success or artistic success, is that they all share the same number 1 trait, grit. Grit is the willingness to stick at something even when it's tough, and 1 of the easiest ways to have grit is to actually enjoy what you're doing and to have it make you smile and to be having fun with it, and the second reason why it's good to consider niches that you're passionate about is because you often have a lot of secret knowledge about it. So for example, I am personally a travel geek. I love all forms of transport such as cool buses or cool trains or cool planes. Me being obsessed with planes then means that I have a lot of secret knowledge about the niche that most people with only a surface level of knowledge would not know. For example, most people who get onto a plane don't know the model of the plane that they are flying on or its significance, but I know the different jargon of the different plane model names, and I know each of their advantages and disadvantages. And I also know a bunch of frequent flyer slang as well, such as the phrase mileage run, which refers to taking a series of flights just for the sake of getting more air miles so that you can have a higher status on airlines. It's slang and knowledge like this that is going to help you create unique products that your niche will identify with. And the third possibly most important reason is because if you are passionate about a niche or you like it, then you are a target customer, and this makes it easier for you to create products that fill a gap in the market. So what does that phrase then, gap in the market, actually mean? Well, it means to create a product that a customer would like but that they currently can't get. So for example, you could potentially come up with a brand new product idea or you could take a preexisting product and make it better or put a twist on a design that people would like but currently cannot buy, and it's when you fill a gap in the market that you can make a lot of money because that means then that even if you are a brand new store, if people see your design that is unique and original to you, they go, oh, I want to buy it, and the only way that they can buy it is to buy it from you. This is why, in my opinion, filling gaps in the market is 1 of the best ways to succeed with a brand new store. Rather than just competing with other stores by copying their ideas, you want to instead create a reason that a customer has to come and buy from you. But to do this and to identify a gap in the market, you have to already be able to put yourself into the mind and brain of your potential customer. And so rather than having to just try and guess what a customer wants but that they can't already buy, you can just ask yourself a simple question. What product would I like to buy in my niche that I'm interested in that currently does not exist? And then you can go ahead and design that product or source that product yourself. So narrowing down your niches by picking ones that you yourself are passionate about is a great way to do that. But there is actually another way that you can do it too and that is by trying to guess which niches you think will make the most money because chances are you can probably take a look at your list of ideas and identify which ones you think have the most customers and the most profit potential. And don't worry. We will indeed use data later on in this course to help you see if your suspicions were true, but usually, the truth is your suspicions are correct, and you see, here is why money can be so important. Even if you yourself are not personally interested in a niche, if it makes a lot of money, for many people, that can be a very strong motivating factor to quickly become an expert in that niche even if they weren't before. So if you don't have enough niches on this list that you are interested in, then money can be a great way to narrow them down. And there is a third way that you could help narrow down your list of niches, and that is to ask yourself a question. Were there any niches that, while I was researching, seemed to have a lack of options? Because if you found a niche which seems to be underserved with not a lot of good ideas, then that could be an amazing untapped opportunity because here's the thing, right? On, say, Etsy, a lot of people will say things like, It's impossible to sell dog themed products, because dogs are such a popular niche on Etsy and that they are too saturated for new products to succeed in, but I personally think that this is absolutely ridiculous to say. Dog products aren't too saturated to compete in. They are just competitive. Because the customer base is so big, lots of people have come in and made dog mugs. So that means then that there are a lot of really great mugs that are themed around dogs on Etsy. But if you were to come in and make an awesome, new, unique dog themed mug, then thanks to the Etsy new product boost, your dog mug could also take off too. But the only way that that will be possible is if your mug is clever enough or well designed enough to be able to match or be even better than most of the dog mugs that are up on Etsy. Whereas if you go ahead and pick a niche that is underserved and doesn't have a lot of good designs in it already, then it's a lot easier to come out with a less clever design that still takes off because it is already much better than what other people have already created within the niche. So from my experience, I've been able to have a lot of success by selling products in a new store, by targeting these underserved niches because of the fact that customers don't already have a lot of good options, so I don't have to create such an intricate or clever design for my design to already be better than what's out there, which, of course, might not matter to you if you have amazing graphic design skills or you're an amazing artist or you have some really clever ideas ready for a niche. You might know that you do indeed have the skills to beat out the competition for big competitive niches. But if you'd rather have less competition to compete in, then this is also something to keep in mind when you are narrowing down your niches. So I recommend that you go through your big list of niches now and you narrow it down to your top 5 niches that you're gonna go deep into research on. So go ahead, narrow down your niches, and I will see you in the next video.