Thousands of entrepreneurs start businesses every year. After about four years, more than 50 percent are gone. Choosing a niche is the biggest hurdle faced by most digital entrepreneurs.
Getting a good start as a startup business is important if you must succeed, and one way to do so is by selecting, from the lot, the right niche industries. Attempting to create a new niche market is possible, but you’ll be taking a gamble instead of a well-researched business decision.
A better strategic niche is to simply enter an established market and sell what consumers already buy. This approach is not only easier, it is also much more profitable.
Best Niche Industries
1. Relationships & Dating
Is there any better way to get people together than using the Internet to set up an online dating company? Relationships will matter for a long time, and finding somebody to fall in love with is the biggest problem most people have.
By publishing love and relationship books, you will get an extra market. This is much easier with Amazon Kindle and these books can generate more than $100 per day.
2. Wellness & Weight Loss
Another industry where you can have different branches. The world has an obesity problem. There is a massive market for helping people lose all those extra weight. You can start up as a personal trainer, open up a yoga studio or a gym, or create a nutrition product.
3. Personal Finance
Financial meltdown, inflation,
People are now more interested in learning how to save money but if you can teach people how to make extra income, there’s a market for you. You can start building up a client base through public speaking engagements or have a YouTube channel or better still write a book.
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4. Travel Writer
You love to travel? Why not take a camera and a note pad along and start a small travel blog. Write personal descriptions or accounts of your destinations backed up with facts. Monetize your vacation.
According to research, 386,000 babies are born every single day. New parents spend an average of GHC 10,000 per year to care for, clothe and feed their baby.
The market for baby-related products gets bigger each day. You can also organize baby showers or create a blog/vlog dedicated to first time parents. The opportunities are endless.
People love to learn new languages. Many people will like to learn a second language besides English, like Spanish, Portuguese, French or even Chinese.
There is a ready market for coaching online to learn a new language or even a language tuition software.
7. Organic Skin And Hair Care
Natural skin and hair care products that do not harm the environment are on the rise, especially for women. Facial masks and cleansers, black soaps, shampoos, hair and skin pomades, etc.
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We hope this article helps you find that niche industry you want to venture in. Don’t forget to share and also leave us a comment.