NFIB

Discover Your Niche
03/ 28/ 2002


Many people know exactly what kind of business they want to open. They may have experience in different types of repair work, for instance, or know that they want to open a retail store selling products they've been involved with for years. But many others have the desire to start a self-employed business without knowing exactly what type of business to go into. In today's Workshop, Jeffrey Moses discusses ways to discover exactly what your "niche" is.

--First and foremost, you have to look at your own interests, and use these as the basis for deciding on a new business. If small business experts agree on anything, it is that a person will do best in a business that he or she loves. It often takes some time to establish anew business, and nothing will help you get through the initial start-up phase more than enjoying what you do -- even if you're not being paid quite as much as you would like at the start.

--What interests have you had? And what has your education prepared you for? These are key questions, but don't stop there. Get out and talk with people. Network with all kinds of folks, asking questions, finding out what types of businesses have been successful. For instance, I personally went to several career counselors before deciding to start a business as a freelance business writer. Both of the counselors advised me to go into teaching, based on my undergraduate degree in English and Master's degree in Education. However, I felt that I wanted something more oriented toward business, and it was only during a chance discussion with an advertising executive who worked at a large agency that I realized that people could actually make money writing brochures, annual reports and advertising for business.

--Reading books on the subject of starting a small business can be extremely informative. These books usually include extensive lists of businesses a person can start. Some businesses require significant start-up capital, others can be started in your kitchen. Visit your local library or bookseller and study such books. Examine the lists of businesses, and see if one or more strikes a chord with interests you've personally had in your life.

--Once you get an idea for a business, make sure that you study it before jumping in. You might consider remaining at your job and starting the new business on the side. Getting your feet wet will let you know how much you'll enjoy the work, and can show you how profitable your new "niche" might be.

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