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Your Questions About New Niche Businesses

Thomas asks…

Thinking of starting a foreclosure cleanup business, any advice from bank reps/mortage brokers?

I know this is a new niche business, and it would have to work with mortgage brokers or banks. Does anyone have experience in this field, or better yet, is anyone here a mortgage/banking rep who deals with these foreclosure cleanup businesses? If so, how do you find then and what do you look for? I have been in the construction/rehab business for 25 years and think it would be a good idea, at least for now. Thanks in advance.

New Niche Finder answers:

I have been in the mortgage industry for 6 years, but I do not personally have any direct experience with these types of dealings and I don’t think the mortgage side is where you want to be looking either. I think you would want to be in contact with local real estate brokers if you want to get this type of business. My mother worked as a real estate agent and the broker she worked for handled a lot of bank reo propertys. The real estate brokers provide the banks/lenders with a BPO (broker price opinion) that is the brokers opinion of the list price, property condition, cleanup & repairs to get the property to a showing condition and also helps the bank determine what real estate broker they want to use to list their property. Once they select the broker to list their property the clean up and repairs needed are usually handled by the real estate broker as well. The real estate broker will accept bids and fwd to the bank/lender to make their determination on what contractor to use for clean up and repairs. So the real estate broker is kind of the middle man for the contractors and the bank. I think contacting and building relationships with local real estate brokers will be the best route for you to get your foot in the door on this kind of business.

Mark asks…

I want to start a business….anyone give me a finance niche?

I would like to start a new business, i love to have some economics levels. Anyone can help me by providing some niche in business?

New Niche Finder answers:

Make you the right decisions when starting your own business.
I gave you the 12 important things:
1-Failure to spend enough time researching the business idea
to see if it’s viable

2- Failure to determine whether the business actually adds
value

3 – Failure to gain a complete and total understanding of the
business

4 – Failure to describe the business in only one or two sentences

5 – Failure to conduct the primary research

6- Failure to contact professionals who can help you get started

7 Failure by underestimating financial requirements

8 – Failure to make marketing a priority

9 Failure by under-budgeting the marketing costs

10 – Failure to focus on the business

11 – Failure by over-marketing

12 – Failure to follow-up with clients

Sandy asks…

What is the best way to get investors capitol for my new business?

I am starting a new guitar company with a niche market(metal-heads) and have several guitar building innovations that will be going into the product. As well as progressive style, Warfare Stringed Instruments will boast:

Innovative paint-less finishing resulting in a finish that is truly roadworthy.

Custom dimensions and options in the overall design of the guitar that will redefine what a truly custom guitar is.

An innovative manufacturing process that allows for on demand combinations of guitar necks and bodies.

And an entirely new way to assemble a guitar neck allowing for the addition of strengthening materials such as carbon-fiber or kevlar.

I have plenty of experience in marketing to get the word out about my product. As well as a robust web site outlining the literally hundreds of possibilities, a business image will be needed to establish Warfare Stringed Instruments amongst the heavy metal community. All of the marketing artwork will be done by myself.

New Niche Finder answers:

You need to first research the term “Business Plan”. What your future investors are going to want to know is that you can wisely invest their dough, to make your business grow and more importantly, pay them back with a healthy return on their investment.

It’s going to pretty much be like a job interview. You will show them how far you have come with the little resources you have, and then you will have to sell yourself and the plan.

David asks…

Do I have to pay taxes on a service I provide. (like Careerbuilder)?

I am opening a new niche website business (along the lines of Careerbuilder) where businesses pay to post there job opening. Do I have to pay taxes on this at the end of the year? I know Careerbuilder charges a flat rate, does this include money for taxes or do taxes not have to be paid for this kind of service? (I am in New Jersey but it will be nationwide)

New Niche Finder answers:

You are going to have to pay taxes on money earned one way or another… You need to talk to a tax attorney before you get into something like this…

Mary asks…

Can you help me decide a good slogan for my new business?

My business name is Chic Bridal Designs. I was thinking of the slogan “why settle?”, meaning: why settle for a wedding dress? The niche of the business is to create custom made bridal gowns. Does the word “settling” imply a negative connotation, as in “settling for a man”? or even “why are you getting married”? Am I looking too much into this slogan thing? Do you have any other suggestions based on the chosen business name? Thanks!

New Niche Finder answers:

Hip and Chic.

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