Finding Your Niche: Discover a Profitable Idea for a Business at Home - Or Elsewhere

By Dee Adams

How to Be Happily Self-Employed

A million new businesses will start each year in North America and 60 percent will begin at home, according to government statistics. However, experts agree that the long-term success rate tends to be poor - only two out of every 10 will succeed.

Entrepreneurs often copy products a

• Language: English
• Publisher: Niche Creativity
• Release date: Oct 15, 2022
• ISBN: 9781736534267

Dee Adams

Dee Adams researches overlooked aspects of business and consumer practices. Involved in start-ups for more than 20 years, she has counseled new business owners, written and published business literature for consumers, and her work appears in more than 70 university, community college, and public libraries across the country. Her collection of ideas for finding a niche has been featured in the California Job Journal, the Simply Hired blog, and the Teachers Net Gazette website.

Book preview

Finding Your Niche

Discover a Profitable Idea for a Business at Home — Or Elsewhere

Dee Adams

"In my opinion, the information in Finding Your Niche would be suitable for adults and students in high school, too.

It’s a huge database of resources which should speak to all kinds of would-be entrepreneurs; anyone who’s thinking of doing any kind of startup, whether from home or not.

Walter L. Kleine

Award-Winning

Journalist Editor

Solid, invaluable resource

Midwest Book Review

NICHE CREATIVITY

Finding Your Niche

Discover a Profitable Idea for Business at Home — or Elsewhere

PUBLISHER:

NICHE CREATIVITY

Post Office Box 1955

Oakland, CA 94604-1955 U.S.A

https://www.nichecreativity.com

Copyright © 2022 by Dee Adams

ISBN: 978-0-9831539-0-0

Previous editions copyrighted in 2017, 2011, 1994, 1992

All rights reserved. This publication is protected by copyright, and permission must be obtained from the publisher before any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, including electronic, mechanical, or photocopying; however, brief passages may be used in a review when proper credit is given.

Disclaimer

Business books can provide good basic information; however, double-check all information about your circumstances. Whenever necessary, get advice from qualified professionals experienced in self-employment and home-based business startups.

This book is sold with the understanding that the author disclaims any personal liability, direct or indirect, for the information presented. The author does not receive any compensation for the companies mentioned in the text.

By providing links, Niche Creativity does not guarantee, approve, or endorse any information available at these sites, nor does a link indicate association with or endorsement by the linked site to Niche Creativity.

About the Author

Dee Adams has been involved in several startups since her pre-teens. And she writes about the overlooked aspects of business and consumer topics.

Teachers Net Gazette, Simply Hired, and California Job Journal have featured her articles.

Special Thanks

Wendy Bigelow, director of testing, Johnson O’Connor Research Foundation, and staff in Atlanta, Boston, Seattle, and New York; Joe Burkhard, C. Hope Clark; Ann Dugan, assistant dean, Institute for Entrepreneurial Excellence, University of Pittsburgh; Arlene Eisen, Arrica Design; Colin Dustan; Pat Holt, holtuncensored.com; Bernard Kamoroff; Walter L. Kleine; Jeff Olson; William G. Owen, cooperative extension agent, ret.; Gregory R. Passewitz, Leader Natural Resources & Small Business, Ohio Cooperative Extension Service; Odette Pollar, smartwaystowork.com; Jimmi Wilkins, center director, Fayetteville SBDC; Cynthia Wilson, CIIN.

Libraries: Alameda County Law Library, Oakland Main, San Francisco Main, U.C. Berkeley, Santa Cruz; U.S. Archives, San Bruno.

Publishers: Bantam; Bell Springs Publishing; Bay Area News Group-East Bay; California Job Journal; Lotus Press; Simon & Schuster; The Tribune; John Wiley & Sons.

Editor’s Note

Choosing the right part-or full-time business continues to be a challenge for many aspiring entrepreneurs. Consider the following.

People discount informal entrepreneurship and part-time business creation, which creates a narrow view of entrepreneurship, says Donna Kelley, professor of entrepreneurship, Babson College.

And if you don’t have the personal resources to get your business up and running, you may pick businesses that are easy to get off the ground, but that is crowded with competition for similar products and services, and less opportunity for differentiation, Kelley says.

On a recent episode of To the Contrary, PBS Woman Thought Leader, Isabella Guzman of the Small Business Administration, was asked what types of businesses women were more likely to start, Guzman said in part women over-index in several industries such as restaurants, professional services, retail and product offerings, personal care, and makeup for a diverse market.

Source: Pbs.org: To the Contrary, September 3, 2021, episode 3025, at about 21:39 minute mark: https://www.pbs.org/to-the-contrary/watch/12499/women-thought-leaders_small-business-administrator

Finding Your Niche: Discover continues to focus on two core themes: help readers explore and identify their overlooked talents or skills and factcheck their ideas for suitability, steps which many beginners and experienced entrepreneurs overlook.

Despite the pandemic challenges, creative thinking and follow-through will be keys to success for aspiring entrepreneurs determined to be their boss. 

New content in this updated edition includes the following citations and links:

Two articles in Forbes magazine underscores how entrepreneurial women of color are faring during the pandemic, such as an Afghan woman who started a company with a unique product to help other women in her country.

Forbes.com: This Afghan Entrepreneur Launched Moonflowers to Support Female Saffron Producers. With the Taliban in Power, What Comes Next? https://www.forbes.com/sites/shaynaharris/2021/09/02/this-afghan-entrepreneur-launched-moonflowers-to-support-female-saffron-producers-with-the-taliban-in-power-what-comes-next.

Meanwhile, valuable insights for anyone on how to avoid overlooked pitfalls when picking a business are included in Black Women Were Among The Fastest-Growing Entrepreneurs—Then Covid Arrived, Ruth Umoh, October 26, 2020:  https://www.forbes.com/sites/ruthumoh/2020/10/26/black-women-were-among-the-fastest-growing-entrepreneurs-then-covid-arrived

How entrepreneurs are inspired in different ways to start the same kind of business: a food truck for dogs. Seattle Barkery started a food truck for dogs, inspired by too many recalls for dog food products. https://youtu.be/SW6pbJY0ciI

According to Fido-to-Go, the concept's originator, check out what inspired their idea. https://youtu.be/wYK6a-QUocE

Two free niche newsletters: Trapital: A newsletter for the hip-hop industry: https://trapital.co/share-trapital

Why artists are selling their music catalogs:

https://trapital.co/2021/01/04/why-artists-are-selling-their-music-catalogs-with-karl-fowlkes/

For the Interested.com: Profiting from your creations

https://fortheinterested.com/start/

https://joshspector.com/dailygraph/

And how small businesses are navigating supply chain challenges:

Latimes.com, October 14, 2021. Toy store owner not worried: https://www.latimes.com/business/story/2021-10-14/toy-store-owner-not-worried-christmas-shipping

Sanfrancisco.cbslocal.com. Supply chain woes pressure Bay Area retailers as holidays loom:

https://sanfrancisco.cbslocal.com/video/6153892-supply-chain-woes-pressure-bay-area-retailers-as-holidays-loom

How some small businesses use foresight and creativity to solve supply chain problems: https://sanfrancisco.cbslocal.com/video/6153892-supply-chain-woes-pressure-bay-area-retailers-as-holidays-loom

Dee Adams

December 30, 2021

CONTENTS

Finding Your Niche      2

Disclaimer      2

About the Author      2

Special Thanks      2

Editor’s Note      3

Introduction      1

Facts about Working from Home      3

Home-Based Business Ownership/Government Programs      3

Game Plan      5

Conclusion      6

Finding Your Own Niche      9

Skills      9

Fee-Based Online Aptitude Testing      11

Avoiding the Pitfalls of Standardized Testing      12

Other Methods Used to Uncover Hidden Strengths/Talents      13

Graphology      13

Industrial & Organizational (I-O) Psychology      13

Intuition . . . Knowledge that Defies Explanation      14

Serendipity . . . Accidental Good Fortune      14

Ayurveda: Modern Advice from Ancient India      14

Wise Counsel from the Pros      17

Succeeding in a Bad Industry      18

Getting Profitable Ideas      19

Family, Friends, or Acquaintances Can Inspire Ideas      21

Other Unusual Sources of Inspiration      22

Aptitude Trials of the Rich and Famous      22

Name Your Favorite Values      23

How Creative Are You?      24

What Do You Know?      24

Uncovering Hidden Niches      24

Gathering Information      25

Info Interviews      25

Library Spotlight      27

Start With a Children’s Book to Learn Complicated Subjects      27

Free Downloads, Patent & Trademark Information      27

Great Idea! Now What? How to Evaluate a Possible Niche      28

Instructions      28

What’s the Big Idea?      28

Your Ideal Working Arrangement      31

Where Does the Time Go?      33

Time Out!      33

How Will You Market Your Product/Service?      34

Money Matters      43

Test-Marketing Your Ideas      50

Conclusion      50

Starting Up with Little or No Cash      52

Attitudes about Money Can Block Success      53

Barely One Percent of Entrepreneurs Get Venture Capital      54

Marketing Tips For Startups      55

Don’t throw in the towel right away      56

if a good service or product doesn’t sell      56

Rethink the idea      56

Thinking Outside the Box      56

When Entrepreneurs Can’t Afford Advertising or Expensive Business Services      57

Using an Intuitive Method to Find a Retail Outlet      57

Word of Mouth      58

The Hidden Pitfalls of Free Offers      58

Risky Promotions      58

Business and Cultural Anthropology      59

The Pitfalls of Introducing New Products and Services      59

Do You Know the Real Benefits of Your Product or Service? Will Clients or Customers?      59

Name It!      60

Trademark/Patent Drama      61

Murphy’s Law Never Takes a Holiday      63

Risky Business . . . Insurance Pitfalls      63

Promises, Promises      63

The Unexpected      63

Too Many Cooks      64

Legal Ease      65

Warning: Experts Can Be Dangerous      65

The Accidental Entrepreneur      65

Conclusion      66

The Business Plan That Ate Chicago      67

Simple Ways to Create a Road Map      67

Business Plan Outline      68

The Business      68

The Customers      68

The Competition      68

The Financial Plan      69

Is Your Plan Workable?      69

Action      69

Keep Your Plan Current      70

Appendix A      71

Profiles of Niche Businesses      71

Green Biz      77

Self-publishing & Independent Publishing      77

Here are a few examples of nonfiction niches:      77

Masks      79

Cookies      80

Successfully Selling Your Small-Press Books      81

Appendix B      89

Research Before Going Out on Your Own      89

Insure Your In-Home Business      90

Beyond the Franchising Hype      91

Red tape Ties Up Crawdad Business      95

Time Management for Budding Entrepreneurs      96

A Busy Person’s Guide to Getting Life Organized      96

Working with Less Stress      98

Your Body Clock      98

Appendix C      101

Resources & Websites      101

How to Learn More about a Specific Business      101

info for Startups      101

Recycling      102

Barter      102

Selected Bibliography/Books/Government Publications/Articles      103

Aptitudes /Occupational/Self-Help      103

Business/Marketing for Home-Based Businesses      104

Self-Employment/Business/Marketing/Research/Management      106

Writing & Self-Publishing      109

Money Matters      110

Legal      110

Government Publications      110

Health and Ergonomics      111

Articles      111

Notes      129

Index      131

Introduction

The first book that promised entrepreneurs how to make a fortune was probably printed on a papyrus leaf centuries ago. At some time in their lives, most people think about being their own bosses. It's a popular subject. Today, the Library of Congress lists nearly 47,000 titles under the categories New Business Development and Starting a Business.

My avid interest in entrepreneurial activities began one summer, at age 11, when I tried to sell neighbors boxes of Christmas greeting cards advertised in the back of a comic book. I could often be found in the adult section of the business department at the local library in my teens. I dabbled in importing and exporting and then operated a home baking service. I started several ventures in my twenties, including a barter club for business and professional people. I bought and sold apparel as a special-purchase broker, started a writing service called Affairs of Heart, and wrote gags for cartoonists.

I had many interests and a solid attraction for business in general. I’d dive into a startup with enthusiasm, like thousands of others, only to discover that the great idea wasn’t so great.

Finding Your Niche grew out of my dissatisfaction with the hundreds of business books I reviewed. Many guides contained only a single chapter on how to select a venture, and the job hunter’s classic, What Color is Your Parachute, offered less than five pages on the subject.

Most classes and materials for entrepreneurs do not cover the topic sufficiently. One government publication covers the subject in 17 lines of copy. Some books are packed with an array of business ideas, but the lists do not describe niches or how to choose the right one, showcasing instead competitive industries.

The self-help exercises/quizzes usually included in those materials weren’t much help. I struggled with the peculiar arrangements of questions as I strained to figure out which answers matched my situation. Sometimes none of them did, but the copy professed it was essential to figure out my business world traits. I wasn’t supposed to turn the page until I could determine my score, and then I would know. Know what? That my favorite subjects in school were history and cultural anthropology? That I am categorized as Social/Artistic?

As instructed, I made lists of my favorite activities. Reading and eating desserts headed those lists. Not a good sign. My work experience inventory proved respectable; except I was not passionate about my primary skills.

Results from a famous assessment test baffled me. It appeared that one of my options involved running a ranch with a boutique nestled somewhere among the tumbleweeds. What was I supposed to do with that information?

Not happy with the standard resources at my disposal, I began to look more critically at the information in the marketplace and realized that most of the advice available for aspiring entrepreneurs revolved around glowing descriptions of businesses and how to start one of them. Like many beginners, I had dived into one venture after another, not discovering the pitfalls until too late. It had never occurred to me to research how to choose the right start up in-depth.

Since childhood, an avid reader, I began visiting specialized libraries and bookstores in distant towns. I collected new and out-of-print books on business, marketing, and career subjects and started an extensive clipping file of offbeat and interesting startup stories.

I contacted people featured in books, magazines, and newspaper articles to gain an inside look behind the stories. The struggles in starting a new business intrigued me. I discovered that a significant issue in the lives of many new entrepreneurs wasn’t so much how to manage a business but how to decide on the right one.

Then I realized I had answers for finding the right niche business under my nose. I owned files thick with documentation from successful entrepreneurs, magazine clips, and research results. My business interest was researching and educating budding entrepreneurs on choosing a startup! My excitement grew as I sensed the makings of a publication that could help folks avoid the costly mistakes I’d made and teach them how to identify their place in the entrepreneurial world.

I prepared a brochure and approached the very resource that had befriended me for years—libraries. I pitched the guide