Want to start a business? Find a niche

June 09, 2014

Sometimes a moment of inspiration can lead a great entrepreneurial idea. When figuring out a problem, the solution may lead to a product or service that people could benefit from. Products that cater to the needs of a niche audience can make for great small businesses.

We’ve often emphasized on this blog the potential that veterans have to be successful in small business. A recent article in Inc. details the story of Bridget Platt, who faced the challenge of explaining to her daughter where her father was, when he had been deployed to Afghanistan with the Marine Corps.

Platt looked for children’s books that would help her daughter understand what was going on, to no avail. From this problem, the idea for her business, “Daddy’s Deployed,” was born.

Platt creates customizable children’s books that help children understand what it means when a parent is in the service. By taking the initiative to solve her own problem, Platt stumbled upon a niche audience. The audience benefits from her product, and she turned it into a small business.

For those wishing to start small businesses of their own, there are resources available to help. The Small Business Administration website offers information about starting a business, as there are many considerations to account for as you get started.

As the article notes, Platt is the only full-time employee of this company. If the company is to expand, it may undergo structural changes. An online incorporation services company can be a trusted source for all you need to know about incorporating your business, from checking for company name availability, to selecting the right type of entity.