Creating a successful business in any market doesn’t require that you reinvent the wheel. Sometimes all you need to do is find better ways to position that same wheel in the marketplace.
That’s why I love the story of my guest this week. He and his wife took an existing product that most people are familiar with, and carved out a profitable space by targeting niche markets.
Bob Liddle is the owner and founder of Kustom Koozies, one of the few companies in the world that allows you order custom can coolers in small quantities.
The idea for Kustom Koozies first formed back in the 90’s when Bob and his wife wanted to order can koozies with the name of their boat.
The problem they ran into was they only wanted a dozen; but everywhere they looked required them to order at least 200 or more. That wasn’t feasible, so Bob and his wife figured there had to be a better way.
After 2 years of experimenting with processes, they figured out how to do it, and launched KustomKoozies.com. At first they were screen printing out of the spare bedroom of our house, but today they have 14 employees and a 6,000 square foot plant.
Both Bob and his wife have quit their full time jobs to focus on the business.
In this episode, Bob shares some important lessons on growing a business both online and offline. One of Bob’s strategies was to target niche segments like the “boating” and “wedding” industry where there is a strong market for custom printed koozies.
Bob mentions the old saying “There are riches in niches”. When you find ways cut out small markets that the Walmart’s of the world won’t cater to, you can create a thriving business.
Enjoy the episode!