How to Choose Your Market: Part 1 of 3

Want to know if your business idea has “legs”, before you spend a bunch of time & money on it?

You’re about to discover the same process we’ve use to evaluate each market, project, and product line we consider launching.

The reason why we’ve successfully entered 23 different markets, generating over $100 million in online revenue and over 52,000 subscribers per day across those markets – is because we have our market selection process almost down to a science.

I call it my “Green Light Project Checklist.”

It’s what I’ve used over the past 10 years to successfully enter and profit in 23 different markets (most of which are NOT in the “how to make money” space).

The one time I entered a market and FAILED?

…Was when I got a little over-confident and did NOT use the formula I’m about to share with you.

So if you’re thinking of starting a new business…

Or if you’re already up and running with your business, are you:

• Breaking into a new market…
• Pursuing a new project…
• Or launching a new product…

What I’m about to share with you can save you a TON of time (and money).

Now the reason I think this is useful for everyone evaluating an opportunity, because there’s a risk as an entrepreneur:

 

There’s an opportunity cost in pursuing something that doesn’t have legs.

 

This methodology I’m going to walk you through is quantitative. Its a numbers based approach to evaluate opportunities objectively.

This will become a very important tool in your arsenal as an entrepreneur.

Now, whenever I pursue a project there are 3 phases I go through:

Phase 1 – Project/Market Analysis: Here we’re looking at the big picture and whether the project is worth pursuing (we’ll be covering this part today).

Phase 2 – Demand Analysis: The question we’re trying to answer here is “are there indications that the market wants what I’m planning on offering?”

And then…

Phase 3 – Economics Analysis: Here we’ll be evaluating if we can actually build a profitable business in the market.

I’ll be walking you step by step through each phase in the next couple of days.

For now, I want you to watch the overview and then we’ll dive right in to Phase I…

Green Light Project Checklist Overview

http://rlassociatesllc.wistia.com/medias/okelngpetr?embedType=async&videoFoam=true&videoWidth=700

For today, we’ll be covering the first part of Phase 1 – Market/Project Analysis…

Which is about the 5 must-haves I look for in a market.

Those are specific that’s going to give me a signal of whether I should move forward or not.

If the market meets all 5 of these must haves, then the signal is “green” I move forward to the next step…

if I get only 4 then it’s “yellow” and I tread carefully…

And if I get 1-3 then its “red”, a no go. I kill the project right then & there.

I’ll be going into details on the video.

But before we dive right in, it’s super important for you to immediately take action on the info you’ll be learning as we’ll be moving fast.

As you’re going through the video today, I want you to download and open this document and start plugging in your numbers:

 

This is going to be your go to document throughout the training.

(Credit goes to Next Level Group Mastermind member Adam Maywald for providing this excellent resource!)

And one more thing before we get started…

Make sure you have a market in mind to evaluate as we’re going through this training.

And don’t worry if you have more than one, you can go through the process again.

But for the sake of simplicity, lets just pick one and run with it.

And If you have any questions I encourage you to head to the group and post about it.

Let’s dive in:

Phase 1.1 – The 5 “Market Must-Haves”

http://rlassociatesllc.wistia.com/medias/a2yqf0uswb?embedType=async&videoFoam=true&videoWidth=700

Now that we have ran the market through the “5 Must-Haves”, it’s time to assess the competitive landscape.

What we want to do here is make sure there’s competition in the market.

Sounds counter-intuitive?

Competition here is your friend.

(No, I haven’t gone mad).

The reason I say that is because you want some sort of validation that there’s money to be made in this market.

If there’s no one spending money to acquire customers in your market, chances are there’s no money to be made…

Unless you’ve achieved some sort of new breakthrough and came up with a disruptive new product.

Let’s dive right in:

Phase 1.2 – Assessing the competitive landscape

http://rlassociatesllc.wistia.com/medias/2kkojxs8px?embedType=async&videoFoam=true&videoWidth=700

So how has it been going so far?

Its a straightforward process but a somewhat time consuming (definitely worth it!).

If you have any questions or need help…

Go ahead and post it in the group

Today we’ll be going over the last part of Phase 1, evaluating your market.

After we’ve ran the market through the “5 Must-Haves” and assessed the competitive landscape (and its a green or yellow light )…

 

Make sure to carve out about 2 hours for this exercise…

This is where we get into crunching some numbers.

With that said, let’s dive in:

Phase 1.3 – Availability of traffic sources & scale potential

http://rlassociatesllc.wistia.com/medias/jk1m1f4ui9?embedType=async&videoFoam=true&videoWidth=700
Ok, so far we’ve covered:

Phase 1.1 – The 5 Market “Must-Haves”
Phase 1.2 – Assessing the competitive landscape
Phase 1.3 – Availability of traffic sources & scale potential

Stay tuned for Phase 2, (coming soon) where we’ll walk through exactly how to assess your market’s DEMAND.

And now that you know more about the market you want to enter? Here’s how to actually launch your business, the same way I’ve launched 23 businesses (and counting)

It’s called the “Ask Method”, and I lay out every detail of the process, step-by-step, in my #1 LA Times Bestselling book, “Ask.”

For a limited time I’m giving away FREE copies of the book (just pay shipping). To claim your free copy (limit one per customer), just click on the link below:

 

Thanks for reading, and please feel free to comment below if you have any questions!

Peace out,

Ryan 🙂

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