3 Reasons Why You’re Probably Over-Estimating Your Competition (in Passive Income and Niche Business)

3 Groups of People Who Pose No Significant Threat To Your Future Business

Many people are paralyzed at the thought of taking the first step into the world of online business, passive income, lifestyle design, becoming a digital nomad, and doing any or all of the aforementioned things that have been talked about so much that they’re considered by many to be, well, just buzz words… But for a lot of people, they aren’t just buzz words, they’re actual realities… And they’re not completely out of grasp / only for a select few, but there are definitely myths that go along with these concepts that I would like to debunk. I’d like to explain, with three simple reasons, why the lifestyle design / passive income route is a very real and workable way to go.

 

The thing is, there’s a decent chance you’re over-estimating the competition. Some of these ideas have been talked about over and over, and thinking about laying on the beach while you get paid is definitely a nice thought – but that’s the thing: for most people, it’s just a thought. They think about for a little while, and then let it go. This is the first group of people that you don’t need to worry about, as far as your competition goes: the dreamers who aren’t ever going to give up their jobs, no matter how green the grass looks on the other side.. They’re too invested in their careers, or simply too afraid to try the indie route. For some of them, it’s fear, for some of them, its the fact that they need money now and can’t imagine taking time out to build up a business or start a new project – and for some people, it’s debt. A lot of people are still in debt, despite news of the economy doing so much better than it was a few years back. People in these types of situations are not going to be much competition, so they’re not really worth worrying about as far as potential barriers for your financial independence as a freelance entrepreneur.

 

A second group of people are the individuals who get stuck on the first page. I mentioned this in the previous blog post. Some people really do want to get involved, but don’t know how to start. They don’t do enough research or don’t figure out a niche, or just don’t know where to go to get information – or, even worse, they (unfortunately) fall victim to some of the scam artists out there who offer them financial freedom for a $999 ebook, only to find out that the ebook they just bought is filled with information that’s out of date and not even usable. The potential entrepreneur then feels wronged, and gives up. It’s hard to blame them for feeling bad. I’d be pissed off, too. Although, I wouldn’t spend a thousand dollars on a book in the first place. Still, making money online isn’t as simple as pushing a button, waiting ten minutes, and BOOM!, some bag of money falls into your lap from some dollar-bill-vortex in the sky. That’s a real lottery-mindset, and it’s not the kind of mindset of the type of person who is going to aggressively pursue their dreams in a non-wage-earning way.

 

Finding success isn’t as much about finding as it is about building. It’s about creating value for other people, and then trying to find a way to make money from the people who are interested in the value you have to offer them. It’s not about offering the same old worn-out garbage everyone else has already sold, it’s about bringing something new to the table. This can take time, no doubt about it. What I’m talking about here is figuring out a niche and going with it. The smaller, the better. I remember when I first started making money online, I was selling an audio product for electro swing producers that contained samples that I’d altered that came right out of actual jazz and swing tunes from 80 or 90 years ago. Nobody else was doing it. There was only one other company out there doing something similar, but they were selling ‘kits,’ with modern sounds, no authentic swing songs or samples from the 1920s. I had something within commercially viable within an underground sub-genre of music that nobody even touched in the audio sample-package industry. Certainly not the BIG companies. Why didn’t the BIG companies hop on board?

 

This leads me right to my next point: the third reason (or, the third group of people) that could potentially steal my niche are the big companies. Maybe not the ‘internet-gods,’ of the world (the Amazons or the Googles or the Apples) but the big companies that sell sample packs. And, yes, believe it or not, there are definitely some pretty big companies that are selling sample packages. But most of them didn’t want to bother with electro swing, they were too hung up on EDM and DUBSTEP SAMPLES (and, of course, the generic house and trance samples they’ve been selling for fifteen years, occasionally updating). They wanted the big pot of gold. For me, just starting out, I figured I didn’t want to compete with that, but I knew something about swing music, and I liked cutting swing samples, glitching them out here and there, and then selling them to people. It was my tiny little niche that I was able to make multiple products with, selling enough copies of to eventually pay rent with.

Now – would it be enough for a big company that has to split money up among 10 or 20 or 30 different people? Maybe not. But I’m just one guy, I split the money between my savings account and my checking account. (And, before you ask – yes, I did have to pay the e-commerce site their commission, it’s true. And, of course, there’s the taxman.) But as far as employees? I had none, it was a company of one. And I was more than happy to see a $15 profit show up, and then another, and then another. I remember sitting in that hotel in Washington State, before I’d even moved into my new place yet (I think I was waiting on the apartment I’d just found to get cleaned or something, and had to wait another week before I could move in) and clicking on the store site I was using (I won’t mention them here because I’ve since decided I really don’t like them as much for multiple reasons and don’t want to promote them) and clicking on the ‘sales’ page and seeing my first sale, my second sale, my third, etc., and just being thrilled. I had something the big boys didn’t want, and I was completely satisfied with that! And, like many people say, that first dollar you earn is better than the first thousand dollars you earn. It’s true. It’s a better feeling to get that first dollar – maybe because it’s a shock to your system: you realize that the whole thing is possible.

 

So, in conclusion, there are individuals who will never get involved because they’re stuck on the idea of jobs, for whatever reason, real or made-up. They might dream about it, but they’re very unlikely to act on it… And the longer they wait, the more entrenched in their careers they’ll be, and it’ll probably seem even harder for them to make any kind of change.

 

There are the individuals who could become entrepreneurial moguls, but don’t know where to start, don’t give it enough time, burn out, and give up. Ah, if only they’d come to theBusinessPunk 😉

 

And, finally, there are the big Goliath-companies that see your niche as just small potatoes. Small potatoes don’t feed an army, but they’ll feed one – especially if they’re potatoes filled with money. And they are. All of them!

_article-written-by-StrangeFlow_nohoodie

2 thoughts on “3 Reasons Why You’re Probably Over-Estimating Your Competition (in Passive Income and Niche Business)

  1. New site, everyone. Still definitely working on music (in fact, I’m just about to release a two-hour StrangeFlow CD I’m just finishing now. But, I thought this site would be a good one to start. It could be seen as a compendium to Bassadelic.com, only it’s not catered strictly to music —- although it can definitely be applied to music, and, really, any art form whatsoever. Stay tuned for more posts. Got more on the way, and I’m tweaking the site. It’s obviously not set up proper but I pulled a 9-hour today so I’m getting there, just gonna take a minute… Happy mixin everyone!

    Liked by 1 person

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