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Your Questions About New Niche Businesses

David asks…

Fellow liberals: Have any of you ever had the experience of running a private sector business?

Did you realize that compared to social services work running a for profit private sector business is a cake walk, and that with budgets for social services being cut, if we get enough people with social services management experience to become entrepreneurs we could create whole new markets for specialty niche manufacturing goods and big companies wouldn’t even be able to compete. They simply don’t know how to manufacture anything with any quality anymore.

If you started your own for profit business, what area do you think you’d get into?

I’m taking my computer building experience and manufacturing custom PC cabinets – high end wooden cabinets for people who are antiques collectors and who own historic homes. I can make a very nice profit at $400 per cabinet (which is less than some of the higher end mass produced cabinets already on the market) and I can do it at a level of quality that rivals Stickley-Audi and makes Ethan Allen look pathetic. The other major furniture retailers don’t even come into consideration – they have no hope of competing with me on quality.

If the Conservatwit “Job Creators” want to sit on their Treasury Bills and complain about Bernanke, let them. We’ll run those clowns right out of business.

New Niche Finder answers:

Yes, if they want to leave the country because of high taxes -LET THEM. Unpatriotic selfish idiots.

Charles asks…

Business class homework help?! Help me check my answers please…?

Help me check my answers please…
1)
Although she hates the work, Jessica has spent most weekends and the last three summers as a short-order cook; she has an associates degree in paralegal studies; she loves to ride and spends every spare minute helping her uncle with his three horses. Now that she’s planning to start a business, her best choice would probably be a

A. fast-food franchise.
B. legal research service.
C. restaurant.
D. riding stable. (X)

2. Now that you’ve chosen your business and found your niche, you’re in need of some advice on the practical aspects of setting up the business. A reliable resource for business information is
A. the Small Business Administration. (A)
B. Web sites offering free legal advice.
C. a friend who has a business.
D. online business chat rooms.

3. Once you’ve chosen your business and focused on your niche, the next step is to
A. establish a Web presence.
B. research the amount of capital you’ll need.
C. research the best location for your shop.
D. write your business plan. (D)

4. Ben and Alison have decided to turn their large farmhouse into a bed-and-breakfast business. One of the benefits they’re likely to enjoy is
A. relaxing days at home.
B. keeping their day jobs.
C. a profit margin of 15-20 percent. (X)
D. high ratings by national organizations.

5. Amy, Jan, and Beth have decided to combine their talents in a business partnership. One of the benefits they’ll have over a sole ownership is
A. less paperwork.
B. greater individual authority.
C. shared resources.
D. less personal financial liability.
(C or D)
6. Steve Burton recently sold the bookstore he inherited from his mother because his income had fallen three years in a row. The new owner installed a coffee machine, redecorated the children’s corner, chats with her customers, and remembers their preferences. She reports a 43 percent increase in sales over Steve’s last year. The change is most likely due to
A. the owner’s personality. (X)
.B. a general upswing in the retail book business.
C. shared resources
D. more advertising.

7. The servers at Gerry Frasier’s busy ice cream shop decided that putting more ice cream in the sundaes and cones would bring back more customers. After three months, Gerry was surprised to discover that his profit had
A. increased by more than 10 percent.
B. literally been “eaten up.” (X)
C. increased, although sales had dropped.
D. dropped, along with his costs.

8. Your beach-side inn will be ready to open next spring. To get in on the summer tourist trade, it will be necessary to
A. advertise heavily in local newspapers.
B. give it an unforgettable name.
C. establish a strong Web presence.
D. offer bargain rates at first. (X)

9. The best way to find out if a particular business is a good fit for you is to
A. “shadow” an owner for several days to see what’s really involved. (A)
B. talk to customers to see what they expect in a service.
C. try the business for two years, then sell it if it’s not right for you.
D. take a personality test and go with its recommendation.

10. With their flooring business now eight months old, Jesse and Ed readily admit that ____ has been both a pro and a con in their partnership.
A. raising capital
B. accurate record keeping
C. shared decision making (X)
D. legal liability

11. Ricardo is sure he has what it takes to succeed in the food business, but because he lacks management experience, he wants one that will provide the most training and support. Which of these possibilities would be his best choice?
A. Fuzzy’s Tavern
B. Subway (X)
C. Old MacDonald’s Bed and Breakfast
D. Ricardo’s Cafe

12. Suzanne, who started a new restaurant, set up her business as a ____ in order to keep her personal and business finances legally separate.
A. close corporation (X)
B. partnership
C. sole proprietorship
D. company

13. Ultimately, to be successful, a business must
A. make you happy.
B. fulfill a commercial need. (X)
C. make a profit.
D provide a service.

14. Which of the following business entities would allow you the most personal control?
A. A landscaping business, of which you’re the sole proprietor (X)
B. A restaurant with your brother as a full partner
C. A realty office with a partner, organized as a close corporation
D. A manufacturing corporation

15. Jim is beginning his research on franchise businesses in order to find one that meets his needs. a quick, easy way to get general information is to
A. check the Yellow Pages. B. look up Internet sites. (B)
C. ask a local franchise owner. D. call the corporate headquarters

New Niche Finder answers:

In no 5,amy, Beth and…

It’s only C not D. Unless the partnership is an LLP, they will be jointly and severally liable – which means one could have to bail out the other 2

In no 12, Suzanne, in the jurisdiction where I live, the answer is company – everyone can look up your business, but at least your personal assets are protected.

If you live in a jurisdiction where you can have the protection and privacy, it’s probably a good choice.

These questions seem to be biased towards franchises. They are mostly a lot of hard work with profits only for the man at the top.

Helen asks…

Build an informational website???

I wanted to get some tips and opinions on building an informational website. Is this a good niche? By information I mean just about anything dealing with information, such as articles, ebooks, etc. Maybe promoting other websites, etc. Oh, and also selling things such as ebooks, regular books, cd’s, dvd’s etc. Is this a good market? I am new to the whole small business world, but have been really trying. I do have a small website right now, but it is based on just selling variety new and used items, and I want to point toward something else. I do know about search engines, keywords, etc. so I do not need any tips on these. Thanks in advance for any answers!

New Niche Finder answers:

I run an information website that focuses on starting, managing and running a home-based business since 1999. And contrary to what the first person answered, the site (see in my profile) has been EXTREMELY PROFITABLE for me. I earn in 2 months what I used to earn in 1 year in a mid-level management position.

For me, I like an information site better than an online store because you simply write content, and you get all the profit. With an online store, you have inventory, you have shipping, you have packaging — and if your business is slow and nothing is selling, you’d be stuck with all those inventory,

From my experience here are the points you need to consider when building an information website:

1. What sector do you want to focus on? “Information website” is a very broad term, and it could be anywhere from information on how to manage your personal finances to breeding animals to online marketing. The first step is to determine what sector you want to focus on and what unique perspective you can offer in that sector.

2. How will you monetize your website? How do you want to earn from the site? Will you earn from advertising? Will you offer a paid subscription content? Will you be syndicating the content?

3. How will you create the content? Will you write the content yourself? Will you pay writers or buy articles? Will you just use those articles in free article submission sites such as Ezinearticles.com that thousands of other sites are already using? Or will you let your visitors create the content for you?

You seem to be thinking of a lot of things. Start with the basics first and think of what type of unique information you can offer — or if you want to do information that thousands of other websites are already doing, what is the unique angle you are going to explore? If your site has no value, it will just languish as one of the billions of sites with hardly any visitors and no income

Mandy asks…

Do I Need to Give a Two Week Notice?

Last month I started a new job, I gave it a few weeks but I haven’t found my niche. I’ve decided to quit. I’ve only worked there for 4 weeks. Do I need to give two weeks notice? I’m not really an important member of the staff.

I’m suppose to work two 12 hour days, one tomorrow and one on Sunday. I have another job and they have asked me to train on those days. Can I call them up tomorrow and tell them that it’s just not working out. I’m only a few days out of the training program. A few incidicents caused me to question the business I’m working at and I don’t like it.

What should I do?
I will not use them on my next resume. I’ve only been there a month.

New Niche Finder answers:

Normally I’d say to try to always give a 2 week notice but since you’ve been there a very short time and are barely out of the training program I’d say do what you plan. Let them know it’s just not working out. And good luck with your new job!

Laura asks…

Did anyone else see this?

By COREY WILLIAMS, Associated Press Writer
Thu Feb 28, 9:37 AM ET

DETROIT – The broad-brimmed western hats, colorful festival dance dresses and Mayan-style pottery that line the shelves at Xochi’s Mexican Imports are common sights at stores in the Southwest.

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But it’s southwest Detroit on a cold, dreary winter day, not sunny El Paso, San Diego, Tucson or other cities just north of the Mexican border.

From its Mexican Town restaurant district to the new shops of the La Plaza Mercado retail development, southwest Detroit is doing something it hasn’t done in years — grow and prosper.

“We come starving for a better life,” 32-year-old dance instructor Valeria Montes said. “We want to strive and we’ve found in southwest Detroit a place to do it. The opportunity was here for us and we took it.”

Latinos are carving out a niche in neighborhoods far from the southern border more and more — from Bagley Street here to the Mitchell Street area in Milwaukee to Bailey’s Crossroads in Fairfax County, Va.

A new wave of Latino immigrants is following others who established communities in northern cities in the 1950s after getting jobs in the auto and other manufacturing industries. The attraction now is employment in restaurants, shops and other service-oriented businesses that cater primarily to residents in those communities but also draw non-Latinos.

“A number of folks who are coming up — documented or undocumented — are finding jobs,” said Enrique Figueroa, director of the Roberto Hernandez Center at the University of Wisconsin-Milwaukee.

The now-vibrant neighborhood wasn’t always so.

Its fate had mirrored most other areas of Detroit that began to lose businesses and people following the city’s 1967 riot. Boarded-up buildings and an unappealing mix of fast-food stops, dank bars and seedy strip clubs lined the streets.

Gang violence was rampant and the housing stock crumbled.

“It wasn’t a neighborhood where you could walk down the street,” Southwest Detroit Business Association deputy director Edith J. Castillo said. “Now, you can actually walk down West Vernor. You can take your family out for ice cream after church.”

Castillo’s nonprofit is one of several working with city officials and businesses to resurrect the area.

More than $200 million has been invested in southwest Detroit in the past 15 years, which has attracted retail and new homes, including an $11 million condo development.

“It’s one of the few places in the city where you are seeing a lot of private investment,” said Olga Savic, of the Detroit Economic Growth Corp., the city’s public/private development arm. “West Vernor Avenue was once primarily vacant. Now, it’s 90 percent full.”

The neighborhood is doing so well the mayor didn’t include it in his plan to pump millions of dollars into distressed areas.

Blight hasn’t been totally wiped out, but older Latinos and the new immigrants are helping with the transformation.

“These are people who are risk takers … and understand if they are going to make it, it’s up to them to make it successful,” said Ruben Martinez, director of the Julian Samora Research Institute at Michigan State University. “Many others, who have been here for several generations, don’t have that.”

The Detroit neighborhood is known as “Mexican Town,” but it truly is a melting pot.

About half the residents claim a Hispanic heritage, 25 percent are black, 20 percent are white and 5 percent are Arab-American, according to the Southwest Detroit Business Association.

In contrast, more than 80 percent of Detroit’s 920,000 residents are black.

And while the city’s overall population has plummeted in recent decades because of white flight and more recently the exodus of the black middle class, the southwest side’s population has grown considerably, up 6.9 percent to more than 96,000 people from 1990 to 2000.

The city’s Latino population grew by nearly 19,000 over that period to more than 47,000.

Without the manufacturing jobs that attracted many to places like Detroit, Milwaukee, Minneapolis and Chicago in the 1950s and 1960s, Latinos have found opportunities in their own backyards, Figueroa said.

“Once you had a cousin, uncle or aunt there, that was a logical place to come because there were still jobs,” he said. “The Detroit economy and Milwaukee economy have not done so well in the ’80s and ’90s. But what has occurred in the Latino community is the establishment of new businesses, primarily service-oriented businesses that serve the Latino communities that were established in the ’50s and ’60s.”

Mexican restaurants and bars along Mitchell Street and in other parts of Milwaukee attract non-Latinos, but it’s Latinos that keep the bakeries and grocery stores open, Figueroa said.

“There is enough money in the economy that people can sustain retail establishments by primarily relying on Latino clientele,” he said.

It’s that sense of community that led Montes and her husband to move from a downriver suburb of Detroit to the southwest side.

“I feel like I’m at home,” she said. “I go to get a haircut, I speak Spanish. I go to mercado (market), I speak Spanish. My daughter goes to school and there are a lot of Latino kids. It’s a great feeling.”
**** Just wanted to post something that didn’t portray immigrants as gang bangers, drug cartels, or welfare recipients. I am sure articles like these get overlooked.****

New Niche Finder answers:

Cheers for posting the article! Delighted to see that…born there, lived 15 miles north for over 40 years. Once, once…
Detroit was a vibrant city. Hopeful it can have a resurgence!

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