In my last post I introduced you to a key component of being an entrepreneur. It stated that entrepreneurs are those people who use creativity and innovation to fill an apparent need or solve current problems. Today I want to discuss the process of identifying problems and filling existing needs; creating a niche. In my opinion, finding niches are what Jamaicans do best. The term niche refers to a targeted segment of a market. It is also used to describe something that is an ideal fit, or most suitable. Additionally, for architectural purposes it describes a recessed space in a wall.  I like all these definitions because I think they all sum up what a niche is to an entrepreneur. It is a sort of recess in a market, a hollow or untapped area. It is also most suitable. The niche product or service is ideal for the targeted market and is usually not available anywhere else or not done appropriately if available elsewhere. As well, it is usually ideal for the entrepreneur. Businesses find their niche when they find that product that they offer better than any other competitor or any other possible product. This refers to both a competitive and a comparative advantage.

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Some ways in which Jamaicans have successfully capitalized on creating niche markets are:

The Bag Juice 
The bag juice is a distinctively Jamaican product that over the years has grown to become an iconic treat for youngsters growing up in Jamaica. It is gobbled down on hot days, which in Jamaica is practically year round and it can be seen either sold or consumed at every turn on a typical Jamaican market day. It is refreshing, extremely affordable, and convenient to drink on the go. It fills a niche that other juices have not been able to compete with.

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Devon House Ice cream  
The producers of Devon House Ice cream are able to deliver the unique flavours of Jamaica in their richly formulated treat. Adding to their appeal is the location that inspired the brand. Being situated on the grounds of the historic Devon House provided the perfect backdrop for them  to lure us with flavours like sour sop, mango and devon stout, allowing patrons a yummy taste of Jamaica they could find no where else.

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Route Taxis (Robots)  
Jamaicans do have a knack for discovering areas where needs exist. When one seeks to provide a convenience or a low cost solution there is always a niche market lurking around. In Jamaica where traveling in rural areas can be a hassle and options are extremely limited, or in urban areas where the demand for transportation is overwhelming, the route taxis or robots emerged. Robot taxis provide the convenience of a taxi without the cost of a charter, by allowing customers to share a cab along a specific route at a cost similar to bus fare. They are often attracted to overcrowded routes or routes not supplied by conventional transport services. Route taxis filled an obvious gap in the supply of transportation services in Jamaica and are widely used by all. Currently there are a number of concerns surrounding how route taxis are operating, as an abundance of illegal operators may serve to do more harm than good.

The problems with the Jamaican route taxis aside, it is the concept that is important today. The most successful business niches usually evolve into larger markets as they grow and become more main stream. This usually occurs when the product or service is duplicated and provided by others to create a more competitive market and demand becomes greater as the products popularity reaches a larger demographic. The cellular phone is a great example of this. In the 1980's when cell phones were first introduced to the public it was considered a high end niche product. It was an expensive gadget that was sold to successful businessmen, politicians and the like. Today it is estimated that cell phones are used by over 4.1 billion people globally, which represents 3/5 of the world's population. Officially no longer a niche.   With all that said, how do you find your niche? Have you been paying attention? Let's review.
  • Start by looking at a problem that exists. It may be a problem that you encountered personally when you had a need for a product or service.
  • The next step is researching how many people have similar problems. Sometimes great ideas are staring you in the face. It could be based on a topic you and your friends complained about this afternoon at lunch, or something you keep reading about in the newspaper. When you discover the common need among a large enough group, you have found an untapped area.
  • So the market exists, but is it your market? Is it suitable? At this point you need to determine how you would seek to supply a solution. and if so how to do it better than any one else who may come along. This is when you must develop a strategy to give you a competitive advantage. Many times niche markets areliterally carved out of an existing market. Our tourism product is a great example. It can be designed to reach many niche markets, eco-tourism, wellness tourism or sports tourism are just a few areas to be explored as alternatives to usual cruise ship or all-inclusive clients we cater mostly for. 
  • When trying to fill a niche be cognizant of your strategic objective. This objective should be incorporated when creating a vision for your business. Niche marketing usually focuses on specific objectives;  convenience or cost saving. A convenience may come as a low cost solution, but popular niche markets may also exist for providing a luxury convenience. 
  • Finally, ensure that your niche is what you love to do. You will work harder, longer and better at making your business a success if you love what you are doing.
When searching for your niche pay keen attention to your environment, focus on problem solving and think critically. You will have to be inventive and take a risk on an untried market. Be prepared to dig deep when coming up with a valuable solution, if the answers were obvious then everyone would be doing and it wouldn't be a niche. If you are successful the reward is great. Being first in a market will allow you to set the standard, and makes it easy for you to brand the product or service. Even as competitors emerge your name could irrevocably be associated with the product or service.
 
Let me start off by declaring that capital isn’t always cash in hand and everyone has access to some source of capital.  Many people start businesses without any start up cash of their own.  If you are willing to put in your time and your skill into any business venture you already have capital and there is great value to the work you put in.  Additionally, using resources that you already own in your business also amounts to capital investment. In this article “No Capital Required” really means not having large sums of money to invest.  Having cash for initial investment is not the definition of a businessman.  Entrepreneurs are those people who use creativity and innovation to solve current problems or fill an apparent need.

The best business ideas are those that solve a problem for an existing business. By creating a solution to someone else’s problem you create your market.  If your business start up idea will help an existing business become more profitable you can convince that business to invest in your venture just by showing them how you can help.  If your business idea will save the existing business considerable cash, or make them more profitable, chances are they would be willing to outsource that function to you.  Some of the best business ideas are started on that premise.

I have compiled a list of 10 of the easiest “No Capital Required” business ideas:

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1)      Leaflet Distribution: This may seem unlikely but it is not only a great money making idea for the solo operator, it is also a tremendous opportunity for the budding entrepreneur who has the ambition to build a larger promotional marketing business. When you take into consideration that the majority of businesses must advertise, either in order to stay in business, or just to maintain customer awareness, you realise this is a sound business opportunity. Many companies promote new products this way, by providing the labour you can tap into a vast market.

 2)     
Computer Repair Service: Today it is safe to say that everyone has access to a computer. If there are computers around then we need people to service them. If you have skills as a Computer Repair Technician, then those skills are in high demand. Upgrading, repairing, networking, troubleshooting and protecting your hardware, software and documents are just some of the tasks we are all not equipped to do ourselves. Offer your services starting with friends and colleagues and soon you will have more clients than you can handle.

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 3)      Graphic design or desktop publishing: If you are trained graphic designer or if you just have a flair for desktop publishing, you have the software and a computer; you can earn big bucks as a freelance artist. Create an impressive portfolio of your work to present at business meetings and create a MySpace or facebook page to host your portfolio. Print your own business cards and leave them with potential clients. Start out by doing small jobs for your friends’ or and build up your clientele with referrals.

4)     
Webpage design: Everybody wants a website these days, the web is the number one source of information, and so if you can design websites, the possibilities for you are endless. The development process however, can be very tedious and time consuming. A good business idea would be to design web templates that are affordable and require minimal customisation for your clients. Advertise them as easy and cheap templates for small and start up businesses like yourself. You’d be amazed at how many people would go for a quick fix website solution. And the cost to you? Aside from time, almost nothing.


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 5)      Cleaning service:  Even if you hate cleaning you can start a lucrative cleaning service with little or no cash. You can go it alone by offering your services or you can create an agency by offering to managing the cleaners who will perform the jobs for your clients. All you need are competent and reliable personnel to clean and you can advertise the service cheaply or by word of mouth to find clients interested in your service. Most professionals with children need help in this department or small businesses who can’t afford an Office Attendant on payroll.

6)      Making Gift baskets: There is a lot of potential in starting a gift basket business, you can start from orders and use clients’ deposits to create your baskets. Baskets are ideal gift ideas for birthdays and anniversaries and are extremely popular for special occasions; it can be generic or very personal. By making unique custom gift baskets you could carve a niche from a high demand market and get started with little or no cash.


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7)     Hairdressing: You know Jamaicans love to look good, and getting your hair done is one expense that we are not inclined to avoid.  If you are skilled in the art of hairdressing then setting up a home practice is just right for you. Though many trendy hairstyles require equipment and tools, you could start out with doing those styles that require just your skill and a comb, like hair braiding. When the business picks up you can invest in equipment and improving your skill.  

 8)     
Consultancy: If you have any skill or professional training then you have everything you need to start your own consultancy business. Becoming a Business or Accounting or Public Relations consultant is easy to start, find people who need your services by posting small ads in the paper or on professional websites or even social networking sites for free. Once you get your first job, offer incentives for referrals to ensure a steady stream of clients. Most consultancies get their income from repeat business and referrals. So always make a good impression.


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 9)      Catering Service: If you are a good cook or you know a good cook you can start a home based catering service. You should have all the equipment you need at home.  You can provide daily lunch menus to nearby offices, or offer to cater for parties fundraisers or functions. The need for a good cook always exists. Specialty cuisine like vegetarian, Italian or Japanese will set you above the rest in what can be a very competitive but lucrative market. Ingredients can be costly but  if you start out by dong only meal samples, then taking orders based on your samples, then you can ask for a deposit from the client to fund your first catering job.

10)     Delivery or messenger service: If you have a car, motor cycle or even a bicycle and you have the time, then a delivery or messenger service might be the perfect business move for you. You can offer to pick up or deliver food, laundry, alcohol, people, letters and packages etc from various places in your community. Charge a delivery service fee of course. You can also most likely get additional income if you advertise clients’ services on your delivery vehicle.


The common factor for all these suggested business ideas is that they are services. There is an inexhaustible list of services that you can offer for your home business. Services provide the easiest opportunity to start a business with no cash. Your capital is your expertise. The key is to identify what you are not only good at doing, but also what you enjoy doing. The next step is to start small, working with little or no capital is best accomplished when you start on a small scale. Finally, if you decide to do it, do it well. Even if it is a part time, home based business, your duty is to be professional and take it seriously.
Also note that as your business expands many of these service areas are regulated for health and safety reasons and will require licensing and or registration of some kind. Getting required certification and licensing will help to boost your professional image and client confidence.
 

With the current global economic climate, everyone needs at least one additional source of income. Plagued with markets of more sellers than buyers and unemployment escalating each day, you must learn to earn from the skills that you possess and reap rewards not only for yourself but for the society to which you belong. The JamaicanUpstart seeks to bring to you a wealth of resources that will enable you to accomplish this goal. Never before have information and tangible resources been more accessible for doing business in Jamaica for start ups.

We are faced with a tremendous social and economic challenge, but as the old adage says, "when the going gets tough, the tough get going". Jamaicans are tough,  and that's why it boggles my mind that for as long as I can remember a country so rich in culture, creativity and cunning, yes I said it, cunning, have failed to understand their true potential and translate that  to income (legal, socially beneficial income). That is the purpose of this blog, and of this site, to research and bring to you all the ways that I can find for us Jamaicans to harness our power and become owners of our destinies. The following quotation by  Marianne Willamson I think says it most eloquently.

Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won't feel insecure around you. We are all meant to shine, as children do. We were born to make manifest the glory of God that is within us. It's not just in some of us; it's in everyone. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.

And so to all my brilliant, gorgeous, talented and fabulous upstarts, we are also going to be successful.

    Author

    I am a proud member of generation Y, who lives by the mantra, " I want it all and I want it now". I believe in entrepreneurship and taking control of your life and lifestyle. Succeeding in business has ripple effects that benefit individuals, communities and countries. I am Shashu Susana Payne and being Jamaican born of limited means, with big dreams, makes me the typical Jamaican Upstart.

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