Chapter 3
Determining Your Niche
IN THIS CHAPTER
Realizing that success means more than just having a good idea
Choosing the right business categories
Understanding what it takes to be a successful inventor
Although your business niche and the original idea behind the business you buy are important, neither makes the primary difference when it comes to the survival of the business once you’re in charge. Rather, the primary difference maker is you! The niche and the idea are only small parts of the puzzle that is success. In this chapter, we discuss a few of the most important puzzle pieces, including the cornerstone piece (that being you), and then we explain why you need to put them all together to ensure your newly acquired business’s success.
Why You Don’t Need a New Idea to Be Successful
Many small-business owners (the vast majority, in fact) don’t break new ground. Plenty of tax preparers, dry cleaners, and restaurant owners happily make a comfortable-or-better living by doing what many others before them have already done. All of these types of businesses can be bought from an existing owner or in the form of a franchise.
Having a groundbreaking idea, extensive product ...
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