Filling a need: Small business expert talks about finding a niche

It comes back to supply and demand. Researching what items people purchase within the community -- and what items they leave the community to purchase -- is one of the first things Richard Proffer, a business development specialist with the University of Missouri Extension office in Jackson, does to help small business owners prepare to launch.

"Do your research. Find out if a need is there. We can help with that," Proffer says. "If a lot of people are leaving the area to buy a certain item, then there may be a need for businesses selling that item," he says.

Proffer says it's often easy to see what a community needs more of by looking around and taking notice of what's being offered. Is there a noticeable lack of certain goods and services?

Creating a business plan and discussing it with a business development specialist also tops his list of advice for new entrepreneurs.

"The business plan is your blueprint. It will help you realize your market, advertising strategies and financial information," he says.

The local area, says Proffer, reflects the national trend of moving toward a more service-based economy. As the country loses manufacturing jobs, Proffer says there has been an increase in the number of service-oriented businesses.

While the local area offers a wide array of products and services, Proffer says one particular area of business seems to always thrive in the community: Agriculture.

"Agriculture does well here. Ag built this community. We know our roots here. Ag is very broad and no longer means being on a farm. There are special crops, farmers markets and agritourism," he says.