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

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

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