In some of the other posts in business we talked briefly about starting your own business and what your passion is within the field of business that you would like to start.

In this blog we want to look at sustainable businesses and maybe your niche in business. Your niche may not lay in starting your own business, but in a certain position within the business industry.

You also will need to determine if you were raised in a family business, is this family business for you or not. Your family’s dreams and legacy, my not be your own.

I was raised in a family business and my dad named it after me because I was the only girl. I started working in the family business when I was about 8 or 9. All of us kids were expected to work in the family business whether we wanted to or not. My dad and my brothers built the first brick building behind our house together, brick by brick and this became the beginning of our family business. As the business grew, my dad bought a building across the street and my two oldest brothers went into business with my dad. The rest of us tagged along. I couldn’t wait till I was old enough to get a job outside of the family business because this family business was not for me. I started working at a local grocery store when I was 15 and my own career path started from there. And it was not in the family business.

When I told my dad I did not want to be in the family business he was so angry at me. He was so angry, he changed the name of the business and re-named it after my younger brother. It took him years to forgive me and he often reminded me if I had listened to him I would have been a millionaire by now.

The family business was not my passion. I did not see the family business as my future. At that time, I was not sure what my passion was, but I knew it was not in the family business.

It took a lot to tell my dad that the family business was not for me. But, I needed to do it for my own future direction. The family business played a big part in all of our lives and out of the 7 of us kids, we have all been in our own businesses or worked for each other or those who are still living & not retired are still in our own businesses to this day.

I want you to know it is OK to find out what you want to do. Finding what interests you. Whether you go to college for Business Administration, Accounting, Marketing, Advertising, Architecture, Sciences, or take general studies until you figure it out…is it OK. Unless you have an interest in it, don’t do it.

When you are looking for your niche in business you need to ask yourself, is it sustainable? Perpetual? I like to use the example of Weddings. There are always going to be weddings, so if you have a passion for designing wedding gowns, photography, catering, flowers, etc. – there is one thing that you know. There are always going to be weddings.

You need to research the business you would like to start. Who is your competition? What makes your business a cut above the competition?

What is your business plan? How much is it going to cost to get your business started? Do you have a reserve built up to get you started or purchase some small equipment?

Finding the niche is the key. Once you find that niche and you get started, others will follow and try to knock off your product or try to become your competition because you had a great idea. This happens all of the time. You need to prepare for it, cover yourself and remind yourself that no one will do business, or make the product the same way that you do. Take pride and always have integrity in your business.

If you are looking at starting a business, I never recommend going into debt. Start out small and build it step by step. You may need to work while you are starting the business.

Find the business that appeals to you, has merit, meets the needs of people and industries, and will always be sustainable. That is the key to your niche.

Take a look at some of the other topics under the business categories. Send me a question or share your story. I’ve been in my own business for 30 plus years. I found my niche in multiple areas of business and I’m currently operating 3-4 small businesses to this day. And they are not in the family business….lol