In today’s business world, the competition is fierce, and as such, it is better not to be a generalist. 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.
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.
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. 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 pay for it? 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 need to place a phone number they can call to be attended to.
SEE: Best ways to improve your search engine optimization
3. Digital Course Creator
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. 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.
SEE: How to Create an Online Course Like a Professional
4. Cryptocurrencies
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.
SEE: Proven ways on how to make money with cryptocurrency
5. Dropshipping
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.
SEE: Top dropshipping companies for your eCommerce business
6. Digital Marketing Agency
Most small and local businesses don’t fully understand how to set up a simple website. In addition, these businesses don’t even know how 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. You can decide to get started by just having an online presence where a potential client can reach out to you.
7. Lead Generation Service
Most service-based businesses survive based on being able to get new customers and clients. Some of these businesses are plumbing, chiropractors, dentist, lawyers, remodeling businesses, moving companies, etc. While these businesses are good at what they do, the ability to get more clients/customers is something that is not their forte.
If you can help them out with this issue, they will be glad to pay for your service. This is one of the niche business ideas from which you can make passive income. As much as you keep providing leads, you’ll always be in business. Finally, you can utilize Facebook and Google ads to generate your leads.
8. Voiceover Service
A good voice should not only be used to thrill your friends. You can use it to make commercials for brands and make a good amount of money in the process. Most radio jingles, TV commercials, and online video sales letters will require voiceovers.
For a start, you can use Fiverr and Upwork to land voiceover gigs. However, do remember to price your service low to attract more clients. In addition, if you must get nice recordings for your service, then be ready to invest in equipment. For under $500, you can get a good mic and editing software.
9. Speech Writing
It’s difficult for most speakers to come up with a beautiful, ovation-worthy speech. This is due to the fact that such a speech necessitates some ingenuity. If you have the flair for writing persuasive speeches, this is one of the niche business ideas that will earn you good money. Setting up a website and running ads to it, is a good way to start this business.
While you may be thinking that a well-written speech is only for politicians, the reverse is the case. Thought leaders, top business executives, celebrities, clergymen, all need a well-written speech. A good speech will be needed for most corporate, academic, or political events.
10. Peer-to-peer lending
You can put any spare money you don’t plan on spending right away to good use by lending it out. However, if you want to make a lot of money from this business, you’ll have to put a lot of money into it.
A website like Lending Club can be used to find people who will be willing to borrow your money for a specific interest rate. While this will not bring in a huge amount of money, it is still a better way to diversify your investment.
11. Website Critique
Not everybody has that unique design ability, therefore they often require the opinion of others to get things done. This is where you come as a website critique. If you think that you have keen eyes for the tiniest of details, then this niche business idea is for you.
As a website critique, you’ll be reviewing website copy and design. Note that you have to be honest in giving an honest assessment of how a website looks. Things like load speed, misleading copy, poor design, etc., are some of the things you’ll be criticizing.
12. Podcasting
There are those who have good messaging to give out but are not comfortable being on camera or blogging. This set of people often turn to a podcast as a means of putting out their content. However, the major drawback to starting a podcast is the cost of the gear involved.
If you can grow your podcast to a large following, you can use it as a platform to promote an affiliate product. In addition, you can also create a course on how to start a successful podcast and sell it through your platform. Finally, if your podcast receives hundreds of thousands of streams monthly, you could be approached for brand sponsorship.
13. Instagram Influencer
This is among the niche business ideas that earn you money for just being active on social media. The best part is that the content to be posted on your Instagram page will be provided by the business you’ll be promoting. As part of the campaign, you may even be given a free sample of their product to trial.
However, before thinking of being an Instagram influencer, you must have a huge following on Instagram. Aside from your following, engagement is another thing to be considered. If your post does not receive huge engagements, it will affect the amount you’ll be able to charge for promotion.
14. Social Media Manager
While social media cannot be overlooked in today’s world of marketing, most offline businesses are still not getting it. You’ll be assisting businesses and people in managing their social media accounts as a social media manager.
A social media manager’s responsibilities include creating compelling social media content, publishing, interacting with followers, and increasing social media accounts. The social media posting process can be automated by using some online automation tools like CoSchedule. With it, you can hook up multiple social media accounts and post to all with just the push of a button
15. Data Analyst
If you are analytical and have an interest in numbers, you can make a living as a data analyst. This job necessitates looking at numbers and being able to make informed decisions. This is a high-demand skill for businesses looking to increase their revenue by cutting down on cost.
You can learn about data analyst by taking online courses on platforms like Coursera and Udemy. Finally, once you’ve built up sound knowledge as a data analyst, you can search for jobs at Flexjobs.
FAQ
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 you validate you 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.
Conclusion
I have been able to properly highlight 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 find something for your liking.
Thanks for reading.
