Statistically, every year, tens of thousands of entrepreneurs launch businesses. In four years, over half of all businesses are no longer in existence. Success is dependent on a successful start. One way to achieve this is to choose the right niche industry.
Niche Industries: The Best Niche Industries
Here are 30 niche industries that startups should consider:
1. Bottled Water
Profit margins and high availability of resources make this a lucrative niche. There’s more involved than simply finding the source and bottling water. You’ll need to clean the bottles and filter the water. You can sell directly to consumers or seek out grocery store contracts.
2. Organic Skin Care
The demand for natural products that do not harm the environment is on the rise. Women’s skincare products are in high demand, and there is room for further growth. There’s a list of the best products in 2019! Many of these niche products are grouped into different lines, such as facial masks and cleanser.
3. Self-improvement
You can find a product to help you improve your self-esteem, career or anything else. There are courses for improving your self-esteem, to advancing in your career. Start with the obvious courses like personal finance and how to earn money. This niche has a low entry barrier and allows for plenty of flexibility.
4. SaaS Software
Software as a Service to Small Businesses is a big business.
“One of the most lucrative niches is SaaS products targeted at legal and medical professionals,” says Nishank Khanna VP, Growth NYC. Both niche segments are willing to invest in products that streamline their workflows, and save them valuable time.
5. Inbound leads from SaaS Software
This is a niche within the SaaS market. Startups can earn a good living by supplying software and generating clients. Khanna explains.
“Lawyers, doctors and other professionals spend a great deal of money to attract more customers. They often spend thousands per year on platforms that are already in place for growth.”
6. Travel Writer
You can make money from your travels. Maybe you could even turn it into a full-time job. Here’s how to sell blogs. You can write personal accounts/descriptions backed up by facts.
7. Wellness
There are many ways to expand this one.
The wellness industry is one of North America’s largest industries. Entrepreneurs can take any direction that is relevant to their goals. You can start out as a personal training, open a yoga studio or create a nutritional product.” – Deborah Sweeney CEO, MyCorporation.com
8. Online Dating
Why not use the internet to create an online dating service? This niche is a lucrative one thanks to the high demand from consumers and its adaptability. You might start by targeting local singles if you live in a large city.
9. Home Organizing
Melisa Celikel, CEO of Get You Organized!, gave a brief overview of her entrepreneurial journey.
She writes: “I created a Wix site, a FB page, an Instagram business account, and a Pinterest business account.” Accepting payments via Venmo Square and PayPal was simple, as there is no barrier of entry.
Celikel created an LLC through LegalZoom, and received business licensing and insurance in less than a week.
10. Natural Dog Food
Fido’s well-being is of paramount importance to all dog owners. This is an innovative way to tap into the $21 billion health market. To begin, you’ll want to familiarize yourself with the Food and Drug Administration rules.
11. Private Label Products
Find a product on Amazon or eBay that’s in high demand. Patricia Russel, FinanceMarvel writes that the best sellers currently lack in one area. Drop shipping a product similar to yours with your private label, if done correctly, can lead to serious long-term successes.
