As business owners, we all experience frustrations with suppliers. The software package doesn’t quite meet out requirements. The quality of the inventory we order isn’t as good as we hoped. Some owners I’ve met have taken things into their own hands: They’ve solved the problem by providing the missing product or service themselves. They fill their own need.
This issue was faced by Ken Miller, owner of the Bug Store, a fixture where I live in Kirkwood, MO (Every kid between the age of 2 and 12 loves this place!). Ken has background in horticulture and garden design. The owner’s need? He was having trouble finding “high-quality, well-designed stakes, statues, fencing, waterfalls….” and other objects to place in gardens. Not only did Miller start the Bug Store to stock these items, he also designs some of the merchandise himself.
Think about your own business and a product or service you need: No one is better positioned to know what needed in the market, what buyers will pay and how much inventory is needed than someone already in the industry. The homebuilder probably has a good feel for unique window treatments. The real estate attorney can estimate the number of clients who would attend a seminar on title insurance- the list goes on.
The Lesson: You may be best positioned to fill a need in your industry.
Your Homework: What product are service do your need that has not been addressed? Do others in your industry have the same need? How much would you be willing to pay for the product or service? Based on the sale price, could you enter that business yourself and be profitable?
(Source: “A Growing Business”, St. Louis Post Dispatch, 4/27/07)
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