37: Choosing the Right Niche—Follow a Business Startup Journey From Day 1 with J Scott

BiggerPockets Business Podcast

BiggerPockets

Business, Careers

4.8 • 696 Ratings

🗓️ 7 January 2020

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

J Scott isn’t just the host of this podcast—he’s also a serial entrepreneur, who has a passion for starting businesses. And with 2020 now underway, J is finally ready to announce the launch of his latest endeavor, which he does right here on this episode of the BiggerPockets Business Podcast. In this episode, J talks about his criteria for choosing an industry and a specific business, he details the new business that he’s launching this week, and he dives into the nitty-gritty details of his financial projections and growth strategy. J tells us why “sexy” isn’t always the best choice for picking a business niche and how focusing on your existing strengths and expertise can help you create a “barrier to entry”—something that gives you a tremendous advantage over your competition and over others who might try to compete with you in the future. Best yet, J has promised to come back every few months and update us on this new business journey, so that our listeners can learn from both his successes and his mistakes! In This Episode We Cover: J's backstory Why sexy businesses have a ton of competition The 4 things J looks for in a business Plans to start a service business in the real estate industry The kind of staff required to launch this business Why redoing the existing website has been low priority compared to other marketing The 2 sides of this business: emergency and rebuild J's long-term plan And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Business Podcast BiggerPockets Podcast 010 : Flipping Houses 101 with J Scott BiggerPockets Podcast 311: 6 Rules for Investing in Real Estate in the Coming Economic Shift with J Scott BiggerPockets Money Podcast 70: 7 Tips for Successfully Investing in ANY Market Condition With J Scott Check the full show notes here: http://biggerpockets.com/bizshow37 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So, you want to be a marketer. It's easy. You just have to score a ton of leads and figure out a way to turn them all into customers. Plus manage a dozen channels, write a million blogs and launch 100 campaigns all at once. When that's done, simply make your socials go viral and bring in record profits. No sweat. Okay, fine. It's a lot of sweat. But with HubSpot's AI-powered marketing tools,
0:23.2	launching benchmark-breaking campaigns is easier than ever. Get started at HubSpot.com slash marketers.
0:30.5	Hello, blue skies. Hello moving onwards and upwards. Hello, taking control of your money.
0:37.9	Say hello to tax-free investing.
0:40.7	Open a Stocks and shares, ICER,
0:42.8	and act by the 5th of April to get 100 to 3,000 pounds cash back.
0:47.8	Cargreaves lands down.
0:49.4	Hello Life.
0:51.6	Register and add or transfer £10,000 plus.
0:54.1	You may get back less than you invests and tax benefits vary.
0:56.7	For terms and conditions, see hl.com.uk.org slash ISA.
1:00.9	This episode is brought to you by Vanta. Stressing over cybersecurity, whether you're a startup, growing fast, or already established.
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1:24.4	Head to Vanta.com slash Spotify to learn more.
1:28.8	Welcome to the Bigger Pockets Business Podcast show number 37. So for me, it wasn't about starting a
1:37.7	sexy business. I guess you look at that and you say, okay, he doesn't care about doing something
1:41.4	around his passion, he doesn't care about doing something that's sexy.
1:45.1	What does he care about?
1:47.0	Well, it turned out there were four things.
1:51.4	And I sat down, I made a list of four things that I cared about when it came to starting my new business.
2:00.1	Welcome to a real world MBA from the School of Hard Knocks, where entrepreneurs reveal what it really takes to make it.
	...

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