Is it possible to find a lucrative niche in the market in the midst of one of the greatest pandemics in world history?

Can it be done when people hang onto their money like a life raft in the middle of the Atlantic Ocean? When the lines of food banks go back miles in every town and city? When millions of people are out of work, not knowing when or if they will ever return.

My answer is yes. Yes, you can find a lucrative niche in the market. In fact, this is one of the best times to find a lucrative market. Why? Because many people need solutions to their problems. When you have that scenario, money opportunities abound. If you take certain actions, I will reveal them to you.

The advantage of knowing this in an economic recession

For example, did you know that more millionaires were created during the Great Depression than at any other time in history? The same could be said for every economic downturn and recession since then. So, stop and let that sink in for a few seconds before continuing. An equity transfer has already started.

Those who use it will follow the advice in this article in one way or another, those who do not could be the ones who end up in the food lines, with overdue bills or who are left wondering if they can find work. Which one are you going to be

This is why. Economic downturns are the best times to shop cheap, take advantage of bargains, and help people who are too scared or too cautious to take risks. Also, there are a lot of people desperate to download whatever they have for deep discounts or even free.

Those who are prepared with cash, sales skills, negotiating skills, or financial knowledge can benefit greatly in economic downturns.

How to find your lucrative niche in the economic downturn

The best way to find your niche is to first take an inventory of your skills, experience, and passions. This is often an area that many people do not examine as thoroughly as they should.

When counseling people who fall into this category, the default response is “I don’t have any significant skills, experiences, or passions.” My answer is always WRONG! Everyone does it if they are over 12 years old.

After completing my questionnaire, most people are amazed at how much they know, how much experience they have in doing specific things, and most people discover a hidden passion that they never realized they had.

List your skills, experience and passions

It is extremely important to know your skills, experience and passion as step 1 before looking for a lucrative niche. Because they determine what type of niche you are looking for and will tip the scales in your favor.

The first rule of thumb when doing this is not to discount any of your experiences, skills, or passion. List everything and I mean everything you like to do, you can do it better than most people, as well as any skills you may have.

For example, I have encouraged people to make lists of watching TV, surfing online, listening to the radio, driving, shopping, cooking bacon and eggs for breakfast, etc.

You have to admit that all of the above items mentioned are pretty mundane or average at best. But people all over the world get paid to do those simple things.

But just by using those examples, you could create incredibly lucrative niche businesses, services, or even products. And hundreds, thousands, or even millions of people would beg you to buy.

Think of products or services that others do not provide to solve problems

This is the light bulb moment when it comes to finding a niche in economic downturns. Match what you like to do, your skill or experience with the problems you see people experiencing. Then create, find, or improve a product or service to help them solve their problem. Or be an intermediary to connect people with a specific problem with others who can provide a solution. For more specific plans or how to do this, click the link in the resource box below

In economic recessions there are problems everywhere, start to see them as opportunities where you can make money and solve someone’s problem. This is how businesses start in economic recessions and in some cases become millionaires. Try it.