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- 🏆 Unlocking the Potential of Niche Businesses: Part One
🏆 Unlocking the Potential of Niche Businesses: Part One
In my first newsletter, I wax poetic on my love for the niche business. This essay helps you distinguish the good from the bad when it comes to starting, acquiring, or investing in the right business.
Chase Murdock
October 19, 2023
This is Local Legends — Small Business, Big Impact 🏆
Local Legends is deep dive into the craft of building enduring small businesses.
Here, I share insights on constructing a business that's not just built for the short term, but soulfully crafted to withstand the test of time — and why that matters if you want to make an impact in your own entrepreneurial journey. Thanks for subscribing.
Welcome to the first installment of Local Legends! Last month, I led a session at HoldCoConf on Niche Businesses.
The discussion from that session inspired this post, which I’m calling:
Unlocking the Potential of Niche Businesses: Part One
Part two will publish next week. I look forward to reader feedback, which is always welcome. Just hit reply.
- Chase Murdock
IN TODAY’S EMAIL:
🏆 - What defines a niche business
đź’¸ - 5 types of niche businesses to look for
đź—“ - ETA Utah Happy Hour on Nov. 9
🎯 - Next week: Unlocking Profits in a Niche Business
Unlocking the Potential of Niche Businesses: Part One
In my debut article on Local Legends, I delve into my passion for niche businesses, aiming to provide you with the tools to distinguish the gems from the duds in small business.
At Decada, we've looked at numerous businesses to acquire, and my personal favorites are those charmingly "nichey" ones, which are often overlooked.
In the realm of mergers and acquisitions, there’s a fitting analogy to a racetrack. When you embark on acquiring or starting a business, you're effectively placing three bets in one:
The race track: This symbolizes the market and industry in which the business operates.
The horse: This is the specific business you're putting your resources into.
The jockey: These are the individuals steering the ship—the operator and management team.
Today, my focus is squarely on the race track: the battleground you choose to fight on. Choosing your battleground —your market and industry— is perhaps the most important decision you make when you choose to start or acquire a business.
In this essay, I make the case for why you might consider a niche business as the right battleground.
Buying a business on the wrong race track is the surest path to failure. Personally guarantee some debt to buy it, and it could be your path to bankruptcy.
But buying into the right market and industry? Entrepreneurship on easy mode.
Let’s break it down.
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