Every successful business venture starts with a plan. Without one, how will you know where you are going and how you will get there? This is part of your strategy (competitive strategy). Take the time to not only become familiar with your niche and target market, but set goals for yourself. For entrepreneurs, this is especially critical.
Set a date for when you would like to launch your niche marketing website and business and do everything in your power to meet that deadline. As you move forward, continue to set goals and timelines to follow as a way of keeping yourself on task and on schedule.
Be sure to set a budget and stick to it. If your plan is to invest $100 or even $1000, set up a budget that allows for expenses that stay within your means. Sticking to your budget will be a large deciding factor as to whether or not your business becomes a success.
Of course, the purpose is to make money, but you must set realistic financial goals in order to meet them. In other words, say your ultimate goal is to make $5,000 a month. Well, that is a great goal. But is it realistic for your particular niche?
Your potential for revenue will directly depend on what you are selling and whom you are selling it to. Some niche markets lend themselves to higher profit because of the value of the product being sold (like limited edition watches), while others require more volume in order to meet high revenue goals. Neither one is better than the other, it just depends on your individual business scenario.
No matter what your goals or how extensive they are, the most important thing to remember is to be realistic with yourself first. If you are, and you know and understand your boundaries and limitations, then the rest will follow and your goals will be that much easier to achieve.
Also read: SEO and The Significance in Niche Marketing at http://garyrushin.com/2012/07/seo-and-the-significance-in-niche-marketing/