Top 5 Niches to Consider For Your Startup
If you’re in the middle of a brainstorming session to conjure up your first-ever business idea, catering to a particular niche is the best place to start. Nowadays, there are tons of profitable niches you can look into. However, it is of utmost importance that you identify a niche you can excel at and has tons of customers. While you might already have a particular product in your mind, listed below are a few different niches that you can go into for your first startup.
- Wellness and Health Market
The global wellness and health market has a value of around 3.31 trillion dollars currently. With rising health concerns due to the COVID-19 outbreak, people have started focusing on their health and are taking matters into their own hands. Wellness and health are all about taking care of your spirit, body, and mind. Some sub-niches in such a market include alternative medicine, preventative medicine, nutrition, fitness, personal care, etc. For example, if you’re thinking about launching a business that sells gluten-free products, you’ll contribute to the wellness and health market. For instance, Happiness American is a company that caters to the wellness and health niche market by selling scents. Their products contain a combination of scents that allow you to smell good while improving your well-being and health. So, take a page out of their book and cater to the wellness and health niche – if you have the right business knowledge, of course. If you wish to polish your business skills, you could always enroll yourself in an AACSB online MBA no GMAT required degree to learn the tricks of the trade that will help you operate your business while you save time with an online course.
- Pets Market
In 2020, the total expenditure for the pet business was nearly 99 billion dollars. Therefore, there are tons of growth opportunities in the pet market. For example, Only Natural Pet is the perfect example of a business catering to the pet niche. They sell everything from toys, beds, outdoor gear, tick and flea repellant, natural pet food, and the likes. Any pet owner can visit their website if they need any help. While most individuals own cats, dogs, or fish, there are tons of people who own other animals, such as chickens, turtles, horses, lizards. And each pet presents a great business opportunity for you.
- Travel Market
The way people approach travel these days is a lot different than it was a decade ago. In fact, travelers are now more environmentally conscious than ever. Yet, according to a study by Booking.com, more than half of travelers search for sustainable traveling options but cannot find them. Such a thing provides businesses with a massive opportunity to step up and support eco-friendly initiatives through their services and products. That said, travelers are also searching for more than just eco-friendly options. Some product ideas you should go for include; leisurewear for travelers, smartphone accessories for traveling business people, etc.
- Gaming Market
The gaming market caters to various sub-niches, including tabletop gamers, console gamers, PC gamers, mobile gamers; the list goes on. There are around 2.7 billion active gamers worldwide, and most of them spend good money on gaming-related products, amounting to a 200 billion dollar industry. Take the example of the company Glorious PC Gaming Race. Its owner Shamiz Mohammad created the company intending to target PC gamers. It has since become a seven-figure business that is operating on auto-pilot. With this niche market, you can further niche down to products like personalized gaming controllers, gaming apparel, gaming accessories for mobile devices, and much more.
- Remote Working Industry
The rise of the remote worker’s market is down to two things – more companies opting for remote-working due to the pandemic and an increase in the number of self-employed contractors. There were multiple reasons for such an approach. Firstly, remote working increases job satisfaction and employee productivity. Secondly, self-employed individuals enjoy a better work-life balance and greater growth opportunities. Freelancer At Work is the perfect example of a company that took advantage of the remote working trend. They sell personalized laptop decals that allow freelancers to market their business to attract clients. Some more niche product ideas that cater to remote workers include laptop accessories, table décor, or desk toys/decorations.
Nobody knows how the new normal will look like after the COVID-19 pandemic. Therefore, business owners need to learn to adapt and be flexible with their approach. Whatever niche you ultimately decide to choose, spend some time studying your niche market to understand what consumers are searching for. Surely, you’ll find a product idea that will make you tons of money in the future.
