How to Know If You Picked a Good Niche

How do you know you made the right decision when picking a niche? We use these 11 questions to evaluate the suitability and viability of a niche for financial advisors:

Pain: Is your niche feeling real mental or emotional pain regarding their problem?
Purchasing power: Is your niche willing and able to pay your fees?
Easy to target: Is your niche easy to find for marketing purposes (e.g., purchased lists, associations, groups, social media targeting)?
Growing: Is your niche market growing?
Urgency: Is it urgent for your niche to have their problem solved?
Dominance: Is it possible for you to dominate this space due to a lack of competition?
Complexity: Is the niche’s primary financial problem something that takes a lot of time and research for the first client but would be easy to scale once you have developed the expertise and a process?
Experience: Do you have personal or professional experience with this niche?
Credibility: Do you have credibility working with clients in this niche?
Access: Can you access the niche through an existing network and opportunities?
Expertise: Do you have the skills and knowledge to serve this niche?

The more yeses you have, the more likely you will succeed with your niche.