How to Begin a Business in a Special Niche
Brainstorm, and gather money and make plans to form your unique, niche business: Find one that you can concentrate on based upon the needs and preferences of a special niche group -- your own specialized business., Save some capital and begin to...
Step-by-Step Guide
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Step 1: Brainstorm
That is the opposite of a department store or general store.
You are in need of a captive audience, for example: for people who love a certain kind of product.
The idea and money are just one important step in your quest. -
Step 2: and gather money and make plans to form your unique
A good starting point of saving weekly or monthly for gathering materials (for some necessary things) could be $50/£50/€50.
Begin your business savings account right now.
You don't need your best idea or a fortune to begin thinking, planning and saving. , A few examples could be: 12 & Under tutoring, small electronic cases for all ages, or gifts for teens (or for Valentine's Day for a seasonal business). , If you have a service with no need to make a product, then skip this.
The sole purpose of this step is to make sure when you do get customers, you aren't filling out orders for "backorders" in the wee hours of the morning. , Do it in places such as: at school (if applicable to you, and your school has no anti-selling code), pin up ads in places like sandwich shops, grocery stores, laundries, etc.
This way you may have a stable flow of customers. , are set up.
Don't guess.
Find out what you need. , Be as artistic, and creative as you can, as this will attract more people. , Make sure to be patient as the customers may be slow to come in.
With many businesses it is "feast or famine": you have no customers for an hour(s)
-- but then suddenly for a few minutes or hours you are crowded, then they're all gone, again.
That can be frustrating and confusing. , Make sure to keep track of what gets spent, too: including for what, why and to whom.
Legitimate costs are used to figure your profit or loss on the business for income taxes and for showing where money went/came from.
One good accounting trick is to keep a separate checking account with entries for every purchase or expense that you make and all income should be deposited in your business account.
Be sure to get an account with the large size business checks with detailed stubs for itemizing your bank transactions, and be sure that the account will return all cancelled checks and all of your itemized deposit slips.
If you pay cash for items
-- then do this as recommended by a professional record expert, a CPA, Certified Public Accountant:
You can and should write a business check "to yourself" and write a comment on it for what that cash was used, when, where (on the check).
Then endorse and deposit that check in your business account.
That creates a very clear and effective double entry record, but it will not add or subtract money because it is both "a debit and a credit" (plus and minus, zero effect).
Yet, that creates a paper trail for any cash to show when and how you spent money. -
Step 3: niche business: Find one that you can concentrate on based upon the needs and preferences of a special niche group -- your own specialized business.
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Step 4: Save some capital and begin to invest.
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Step 5: Decide who is your target group for your product/service for whom you can fulfill a need.
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Step 6: Build a sufficient amount of the preferred and most needed stock.
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Step 7: Advertise as much as you can.
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Step 8: Make sure miscellaneous things
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Step 9: such as pricing
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Step 10: selling location
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Step 11: Create a name
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Step 12: slogan
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Step 13: and any other necessary things of the like.
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Step 14: Find something worthwhile to do while waiting for customers to come in.
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Step 15: Keep complete records
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Step 16: such as making receipts
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Step 17: as the purpose is to make sure you don't get confused by thinking you made $5000 when you only made $150 (after expenses).
Detailed Guide
That is the opposite of a department store or general store.
You are in need of a captive audience, for example: for people who love a certain kind of product.
The idea and money are just one important step in your quest.
A good starting point of saving weekly or monthly for gathering materials (for some necessary things) could be $50/£50/€50.
Begin your business savings account right now.
You don't need your best idea or a fortune to begin thinking, planning and saving. , A few examples could be: 12 & Under tutoring, small electronic cases for all ages, or gifts for teens (or for Valentine's Day for a seasonal business). , If you have a service with no need to make a product, then skip this.
The sole purpose of this step is to make sure when you do get customers, you aren't filling out orders for "backorders" in the wee hours of the morning. , Do it in places such as: at school (if applicable to you, and your school has no anti-selling code), pin up ads in places like sandwich shops, grocery stores, laundries, etc.
This way you may have a stable flow of customers. , are set up.
Don't guess.
Find out what you need. , Be as artistic, and creative as you can, as this will attract more people. , Make sure to be patient as the customers may be slow to come in.
With many businesses it is "feast or famine": you have no customers for an hour(s)
-- but then suddenly for a few minutes or hours you are crowded, then they're all gone, again.
That can be frustrating and confusing. , Make sure to keep track of what gets spent, too: including for what, why and to whom.
Legitimate costs are used to figure your profit or loss on the business for income taxes and for showing where money went/came from.
One good accounting trick is to keep a separate checking account with entries for every purchase or expense that you make and all income should be deposited in your business account.
Be sure to get an account with the large size business checks with detailed stubs for itemizing your bank transactions, and be sure that the account will return all cancelled checks and all of your itemized deposit slips.
If you pay cash for items
-- then do this as recommended by a professional record expert, a CPA, Certified Public Accountant:
You can and should write a business check "to yourself" and write a comment on it for what that cash was used, when, where (on the check).
Then endorse and deposit that check in your business account.
That creates a very clear and effective double entry record, but it will not add or subtract money because it is both "a debit and a credit" (plus and minus, zero effect).
Yet, that creates a paper trail for any cash to show when and how you spent money.
About the Author
Danielle Burns
Brings years of experience writing about pet care and related subjects.
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