You’ve heard the adage, no pain – no gain. Then there is its close cousin, no risk – no reward. To both, I say hogwash.
Each of us wants to be on the lookout for opportunity. Some opportunities are small, others massive, but the size of the opportunity is only half of the equation. To decide whether an opportunity is worth pursuing, you need to evaluate the pain, the risk.
Sure, some opportunities require you to invest your time or treasure commensurate with the reward. Opportunities like this, frankly, aren’t that hard to find because so few have both the desire and the ability to invest the years and/or fortunes to take advantage of them. Some ultra-popular restaurant franchises, for example, are practically a license to print money, but they take a great deal of money (sometimes millions) and years of work to even qualify for ownership. The pain and the gain, the risk and the reward are equitable. They are in balance.
When you’re looking for an opportunity, those with an imbalance in what you can gain versus what you need to put in are the best. I call these Upside opportunities. They can deliver far more benefit than they cost you to pursue. Don’t mistake, I’m not talking get rich quick schemes, MLM’s, or that real estate course to buy foreclosed properties that’s advertised at two o’clock in the morning. Upside opportunities are real, but we usually don’t come across them every day. Upside opportunities usually don’t come knocking on our door, we have to seek them out. Upside opportunities require limited investment, either in time or money, but they can deliver massive results.
The Power of the Niche
Those of you who have heard me speak about selecting the right niche for your business know that I believe the your niche has the power to determine the profitability potential of your business. The wrong niche, no matter how great you or your business are, can limit the profit potential, while the right niche can set you up for fantastic success.
What’s the right niche for your business?
If you’re curious about how to select a winning niche and create an unbeatable marketing plan to go after it, I hope you’re planning to come to Travel Quest World in July. Joshua and I will be offering a special OPTIONAL 2-part immersive workshop that will cover this in detail, and much, much more.
More details on that soon.
Pandemic-induced Upside Opportunity
Three things have happened over the last few years that have created a massive Upside opportunity. I think some of you are probably ideally suited to go after it. The luxury cruise market has undergone a seismic shift over the last few years.
First, there have been several new entrants to the segment and they’re deploying incredibly impressive hardware to the market (for those of you new to the biz, we call ships hardware). Some of the notable additions include Explora Journeys (a well-funded entry backed by MSC), Atlas Ocean Voyages, and Ritz-Carlton Yacht Collection. Not to be outdone, established players are deploying new hardware as well. In the next two years alone, more than a dozen new luxury ships are set to enter the market.
Second, if the new entrants weren’t enough change, the effects of the pandemic have shaken up the field further. Most notably Crystal has run aground (though I believe only temporarily).
Third, the landscape of advisors positioned to sell in this niche has changed. Many have simply exited the industry. Others have shifted to a more diverse product line-up out of necessity (wisely, by the way).
As I look at this Upside opportunity, I see more products on the market and fewer advisors in the market positioned to sell them. Advisors who position themselves to be experts in this segment stand to make massive gains in their businesses. That’s the return part of the equation.
For it to be a true Upside opportunity the investment must be limited compared to the return. In this case, the investment is knowledge and marketing.
With so much new hardware coming into the market, it is leveling the playing field somewhat and providing a window of opportunity to advisors who have not been active in this niche before. If you believe the luxury cruise market is the right niche for you, then the first step is start building your knowledge.
[Side Note: Though I would point out that it is not sufficient to say luxury cruises, as that market is still too broad to develop true mastery. A well-defined niche must have at least two of the following three elements: Destination, Product, or Client. Luxury cruises satisfies the Product element, though you could modify it to be a well-defined niche by being even more specific within the luxury cruise segment (being hyper-focused on small ships, for instance).]
Enhancing this knowledge with personal experience is the next step. Time to take a cruise…
In parallel, while you are building your knowledge, you have to declare your market position. You need to become known for your expertise within the niche. You need to construct your marketing plan to deliver new clients within the niche. This is not an overnight process. It takes time to construct and execute your marketing plan.
Don’t Stop On A Dime
If this potential niche appeals to you, fantastic! Don’t stop doing what you’re doing today though. Create a transition plan. Start to build you knowledge and your marketing plan. Begin implementing your marketing plan as your knowledge continues to increase. In time you can make the full transition. This is a practical approach, especially today as the cruise industry slowly recovers and normalcy is still on the horizon.
If this niche doesn’t interest you at all, that’s fine, just keep your eyes open for your Upside opportunity.
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