I love working for myself, that I don’t get told what to do, that I make my own hours, that I work when I want on what I want I also like that the amount I make is up to me. In my profession, raises didn’t come often.
Luke and Hollie met at college while studying for their degree in speech and language development. They fell in love with each other, and with the idea of starting a business together.
That was back in 2010. Five years later, Luke was able to quit his full-time job and focus fully on their online business.
Today, their business supports a family of 5, with a 6th family member on the way.
Learn how this young solopreneur couple manages to juggle a busy family life, homeschooling and growing a profitable online business together – without driving each other insane.
1. How did you decide about your niche, speech and language development? How did you know it was the right topic for you and had great business potential?
Both my wife and I have a background in speech and language development and we wanted to start a business together. So the topic of speech and language development sounded like the ideal niche for us. We also thought there was a need for more resources for parents to do speech therapy with their kids at home.
We went through the niche evaluation process as outlined in the SBI! Action Guide. The Brainstorm It! numbers for both demand and supply were low. However, the Action Guide also advises not to become number-bound, and to trust your human judgment.
From our knowledge in the speech and language development area we believed that this was an up and coming niche, with not much out there, but the potential for growing bigger.
We did some additional research (Google Trends, searching at marketplaces like Amazon and Etsy for existing products in that niche, and whether people were buying them). After all this research, we were optimistic about the business potential (although we were still not 100% sure) and took the leap.
Keyword research is an important part of your preparation. It helps form the structure of your site and what you will write about. Numbers, though, are guidelines. Your own human judgment has the final say.
This is even more true for a niche that’s slightly ahead of the curve. An early stage concept requires some dedicated brain work and time to develop the just-right approach.
Begin your research with these three big picture questions
- Does the idea/concept excite you? With an early stage concept, you can literally own that space if you do a good job.
- Are there some encouraging signs of monetization potential with this concept?
- Will your potential market expand as people catch up to you and start searching for that specific concept?
SBI!’s Action Guide leads you through the process of thoroughly assessing these three areas. When the answers to these questions satisfy you (as they did for Luke), you’ve found your ideal business niche.
2. Your SBI! site, www.home-speech-home.com has a beautiful design. Did you create it yourself?