Urban Outfitters

Knowledge
Of “Niche” businesses!
By: Carolyn Kinder
Professor James C. Hardy
Introduction to business
5/1/11
Identify at least three challenges when setting up a business. Explain why they are challenges. There are so many responses to this question. First challenge would be having the idea that is going to stick. This could really be challenging because you are taking a chance on something. Being able to stick to your “guns” per say and not give up even when it seems like it’s not working or going the way you think it should be. Second, having the support and backing is a biggie. Most people don’t want anything to do with something along these lines or even the idea until it is already taken off. Once the idea has taken off then you have people coming to you wanting to back you on everything and give you whatever you want. Money is a pretty big challenge. Finding a bank that will give you a loan can be very difficult.   Having the credit to get a big enough loan for what you are wanting to do. Last but not least the biggest challenge I would have to say is location. You have to ask yourself a few questions when picking a location. Is it in the right spot? Is it going to be profitable having the store here? Is this store what you are looking for? Is this store going to be big enough and fit what you are looking for? Location is I feel everything. One could also say that “age” could be a challenge. A lot of places or business people might have problems or think that someone is too old or even too young to put together a successful business. What about getting the product that you want to put in your store? How are you going to get these items?
Define what a “Niche” product is. Give at least 3 examples of niche products. A “Niche” product is something that is extremely hard to mass produce, if not impossible. It is made and marketed for use in a small and specialized but profitable market. A few examples of “Niche” products are as follows: Crutches… these are... [continues]

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