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

Can it be done when people are clinging to their money like a lifeboat in the middle of the Atlantic Ocean? When do the food bank lines 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. Because? Because many people need solutions to 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 downturn

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 of every recession and economic downturn since. So, stop and let it sit for a few seconds before continuing. A wealth transfer has already begun.

The ones who make it will follow the advice in this article one way or another, the ones who don’t will be the ones who end up in the lunch line, with late bills or not knowing if they will be able to find a job. Which will you be?

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

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

How to find your lucrative niche in an economic downturn

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

When mentoring people who fall into this category, the default response is “I don’t have any skill, experience, or passion that important.” My answer is always WRONG! They all do if you are over 12 years old.

After completing my questionnaire, most people are surprised at how much they know, how much experience they have doing specific things, and most people discover a hidden passion 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 kind of niche market you are looking for and will tip the scales in your favor.

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

For example, I have encouraged people to make a list by 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 mentioned items are pretty mundane or average at best. But people all over the world get paid to do those simple things.

But just 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 about the product or service that others do not provide to solve problems

This is the time for the light bulb 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 become a go-between to match 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 downturns there are problems everywhere, start looking at them as opportunities where you can make money and solve someone’s problem. This is how businesses start in economic downturns and in some cases become millionaires. Try it.