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Step 3: Ask In-Depth Follow-Up Questions
Step 5: Identify Competitors and Challenges Identify your primary competitors and the challenges you might face in your chosen niche. Analyze their strengths and weaknesses and consider how you can offer superior value or unique services. This insight will help you position yourself effectively within the market. Step 6: Assess Opportunities for Growth Consider opportunities for contacts and growth in your new niche within your existing sphere of influence. Networking with professionals who specialize in related fields can open doors to new clients and partnerships. Identify potential collaborations that can enhance your market presence.
For each quadrant, ask yourself detailed questions to ensure a comprehensive analysis:
Strengths What additional resources can I leverage?
Weaknesses How can I address these weaknesses?
Opportunities How can I actively expand on opportunities?
Threats How can I mitigate these threats?
Step 4: Research Market Prospects
Investigate the prospects for your chosen niche within your market. Evaluate niches such as FSBOs (For Sale By Owners), divorced leads, expired listings, senior listings (downsizing), or other specialized areas. Understand the demand, market trends, and potential profitability of each niche.
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