As a business owner, niching down to a particular area automatically turns you into an industry expert. That is why niche business ideas are best to adopt.
In today’s business world, the competition is fierce, and as such, it is better not to be a generalist.
Since niche businesses are ultra-targeted, it may not sit down well with everyone. However, this type of business model helps you to easily dominate the market and gives you expert status. Its profitability lies in your ability to sell your services as a premium offer.
With that being said, this post has a detailed list of the best niche business ideas that will help you to dominate your market.
1. Mobile Phone Repairs
Most mobile phone companies are only good at marketing and sales. But when it comes to after-sales customer support, they are a bit lacking.
If you happen to purchase a mobile device that later develops a fault down the line, it is best to visit a local phone repairer.
The reason for this is because wanting to claim the guarantee promised by your mobile manufacturer can result in a long wait.
It is due to this that mobile phone repairs are one of the profitable niche business ideas to get started in. When it comes to this line of business, the best approach is not to be a generalist.
You decide to just focus on being an iPhone mobile repairer. The justification niching down to just iPhones is because the number of iPhone users in the US alone is projected to be 118 million by 2022.
So this provides a huge market for you if you are someone with the right skill and knowledge of phone repairs.
While you may want to think that this is just a local business idea or a business idea that will serve just a small town, the otherwise is the case.
You could decide to go the route of setting up a simple website on which clients from around the country can reach you.
All you need to do is to accept payment for your service including delivery fee and your business will start receiving patronage from around the country.
Once your existing clients find your business to be reliable, word of mouth will drive loads of customers your way.
2. Rank and Rent Websites
The particular business model will benefit you if your SEO knowledge is above board. Being one of the profitable niche business ideas, it is almost like a set-and-forget method.
These websites provide you with quick access to service providers for virtually anything that you need in terms of handyman’s jobs.
Another thing you will realize is that for every service you are searching for, there are loads of local businesses providing similar services.
It does means that these businesses are simply competing among themselves to get clients from these directory websites. In addition, the pages of these directories are not even well optimized to rank in search.
This is exactly where your services as a good SEO come in handy. You just set up a simple five-page website targeting a particular service in a particular city and rank it on Google.
Once ranked, you can then approach local businesses to rent out the site for a monthly retainer. The price you will charge will depend on the population of the city and the search volume of the keywords you are targeting.
After ranking your local service’s website, why would anyone want to rent it in? If you carefully select the right keyword with a decent search volume and you can rank it on the first page of Google, that page will receive visitors looking for that service.
Finally, once visitors start landing on the page, you’ll just need to place a phone number they can call to be attended to.
3. Digital Course Creator
The digital learning sector has been projected to reach $457 billion by the year 2026.
This huge market does not have an end in sight even in the nearest future. The clear-cut reason for this is because knowledge keeps increasing and advancing daily.
With that been said, if you are knowledgeable in a particular field of endeavor, you are sitting on a gold mine even without you knowing.
One major misconception that may hold you back is the thinking of if anyone will want to spend their money on your course. However, the truth of the matter is that in as much as there is value in the course, it will sell.
Do you have to be an expert before releasing a digital course? No, that’s is not necessary. There are a bunch of ways to get ideas for your digital course.
Firstly, you can interview experts in the niche and get their views on the subject matter. After collecting these expert views, you can then proceed to turn them into a digital course. This can be in the form of an ebook, video tutorials, or even a membership site.
Secondly, you can visit online forums and Reddit boards to see what people are complaining about. Once you notice a common trend, there is a potential digital product you can explore.
In addition, you could also use Quora to see the type and nature of questions being asked by others.
The beauty of these digital platforms is that most times a bulk of the answers are already on the platform. Once you’ve assembled your course the next phase is to look for buyers.
4. Trade Cryptocurrencies
Fiat currency has been given a good run for its money by cryptocurrency lately. Virtually every adult must have heard of cryptocurrency in one way or the other. Cryptocurrencies like bitcoin, Shiba Inu, Etherium, and dogecoin tops the list.
The simple fact that the cryptocurrency buzz is difficult to easily understand, makes it a gold mine yet to be taped. In fact, millions of individuals are still unaware of the workings of the cryptocurrency world.
Terms like crypto wallet, smart chain network, blockchain, airdrop, presale, crypto swap, etc. all sound too technical to most people. All of these presents a window of opportunity for you.
You could set up a YouTube channel where you can be educating people about cryptocurrency. With consistency, you’ll begin to build up subscribers.
Once you reach the threshold for YouTube monetization and get accepted into YouTube’s partner program, you can start making money from your videos.
Furthermore, you can just go the blogging route and start posting content relating to cryptocurrency on your blog. This has the potential of turning your blog into a go-to for anything crypto.
In addition, one other thing you can do is to accept crypto as a means of exchange if you own an online or a physical store.
One other thing you could do is to go into day trading of cryptocurrencies. This way, you will be making money daily from the rise and fall of the prices of cryptocurrencies.
Day trading cryptocurrencies is only advised if you have sound knowledge of the cryptocurrency market.
Finally, you can choose to be a long-term trader by buying cryptocurrencies at low prices and hold for a long until the price increase significantly.
When a business chooses to sell an item to a customer without having to produce it. Instead, it chose to approach a third-party manufacturer, who, after receiving payment from the business, delivers the item to the client that is how dropshipping works.
Does this business model sound appealing to you? Then this niche business idea should be taken seriously. With drop shipping, you don’t need to hold inventory and there is no need to even use your money to begin the business.
You’ll only place orders for the items from the manufacturer only after you have been paid by your customer.
You must understand, however, that in order to be profitable with this business model, you must have an excellent eye for selecting exceptional items.
The product you may have decided to sell must either be an evergreen product or a currently trending product.
To begin this business, you must have a storefront from where buyers will have to place orders for your product.
Furthermore, let me quickly state that with dropshipping, the bulk of your revenue will go into advertising.
This means that the profit margin for this business does not go above 20%. Therefore, this business tends to lend itself to volume sales.
6. Digital Marketing Agency
Based on data, an average individual spends more than two hours per day on social media. This does not include time spent on other online platforms.
What this simply means is that people spend most of their time online these days, mostly on their phones. Businesses that have moved their services online have reported an increase in revenue.
But there is a major issue to the whole twist. Most small and local businesses don’t fully understand how to set up a simple website.
In addition, these businesses don’t even know to run online advertisements. This is where the services of a digital marketing agency come in.
This is one of the most profitable small business ideas that don’t require renting out office space to get started. Getting started, you can decide to get started by just having an online presence where a potential client can just reach out to you.
Furthermore, one way to get clients is to walk to local businesses in your area and pitch your service. You can make posts on online community forums about your service to land your first set of clients.
Note that you don’t require too much to get started with this business model. Most of your running cost will come from the money your client will pay you to run marketing campaigns for them.
Finally, do ensure that you have proof of concept to show to a potential client. Before any person will take on your offer, they must be convinced that you can deliver on your promises.
And one way to easily demonstrate your worth and justify your worth is by present results of past campaigns.
What is a niche market?
A niche market is a smaller portion of a bigger market. This type of market is characterized by a small number of people, but those who are present are highly targeted.
Personal injury law is an example of a specialized industry in the legal profession. This specialization is primarily for people who deal with personal injury rather than business law.
How do I validate my niche?
The best way to your niche is to check Google trends for past search history.
A rising search trend shows that the niche is a viable one and there are people interested in the niche. While a declining search trend indicates that fewer people are interested in the niche.
I have been able to properly enumerate the best niche business ideas for you in this post. While this is not a one fit all niche business idea, they are good enough to get you started.
The types of business that you decide to start will ultimately depend on some factors such as interest and start-up cost.
However, out of the niche business ideas in this post, I recommend that you begin with being a digital course creator. If you decide to make an ebook, all you require is just time to put down your knowledge into written text.
There are more business ideas you can look into, therefore I recommend that you read this article. It contains a lengthy list of various business ideas. You will undoubtedly discover something for your liking.
Thanks for reading.