Successful niche firms will help economy rebound
When the American economy does turn around, presumably at some point next year, one aspect of that recovery will be very easy to forecast. I can say with absolute certainty that the vast majority of private sector jobs created in the rebound will come from small business.
That’s because small businesses, particularly niche companies that dominate a particular marketplace, have led the way in job growth in every recovery since the government has been keeping records.
I’m proud that the Pacific Coast Business Times was part of the last economic recovery — adding what would eventually be 12 new jobs to the tri-county workforce.
And I’m hoping many of the lessons I learned in creating the Business Times and observing business trends in the Tri-Counties will be helpful to a new generation of entrepreneurs.
That’s why co-author Susan J. Marks, a former colleague from The Denver Post, and I wrote a new book aimed at small business owners and potential owners. It’s called “Battling Big Box: How Nimble Niche Companies Can Outmaneuver Giant Competitors” [Career Press, $15.99].
In our book we talked to dozens of niche company entrepreneurs including Kinko’s founder Paul Orfalea, Jamey Power of J.D. Power & Associates, Balance Bar’s former CEO Jim Wolfe and Domino’s franchisee Sam Hishmeh. We also talked to David Peterson, whose dad, Herb, invented the Egg McMuffin.
We distilled five key ingredients to the successful creation of a niche company — one that holds significant market share in a distinctive market segment or geographic area.