According to statistics, thousands of entrepreneurs open new businesses each year. More than half of the entrepreneurs have left after four years. A good start is essential to success. One way to get there is to choose from the right niche industries.
Best Niche Industries
These are the top 15 niche industries that startups should be looking into.
1. Bottled Water
This niche industry is very lucrative. There’s more to this than finding water sources and bottling them. You will need to clean the bottles and filter the product. You can either sell directly to customers or search for contracts with grocery stores.
2. Organic Skincare
The popularity of natural products that do not harm the environment is on the rise. This includes skin care products for ladies. These products are so in demand that there is a best-of list for 2019. Many of these niche products can be grouped into lines, such as facial masks or cleansers.
There is a product to help you improve all aspects of your life. There are courses for everything, from building self-esteem to advancing your career. You can start with the obvious courses, such as how to make money or personal finance.
4. SaaS Software
selling Software as a service for small businesses is big.
SaaS products that target legal and medical professionals are one of the most lucrative niches,” says Nishank Khanna (VP Growth utility NYC). Both niche segments have plenty to spend on products that streamline their workflows and reduce time.
5. SaaS Software Provides Inbound Leads
This is a subcategory within the SaaS software market. Startups can earn a good living by selling the software and generating leads. Khanna explains.
“Lawyers, doctors, and other professionals spend a lot on getting more clients. They also spend thousands of dollars each year on growth platforms.”
6. Travel Writer
Your vacations can be monetized and you could even make it a full-time job. Here are some tips to help you start selling blogs. Use facts to back up personal descriptions and accounts.
This one is very flexible.
“Wellness is the fastest growing industry in North America. You can go in any direction that is relevant to your business. You could start your own business as a personal trainer or open a yoga studio. Or you might create a nutrition product.
8. Online Dating
There is no better way to bring people together than to use the internet to set up an online dating agency. This niche is lucrative. You might consider targeting local singles if you live in a large city.
9. Home Organizing
Let’s get you organized! Melisa Celikel serves as the CEO. She gave a brief overview of how she started her business.
She writes that she created a Wix website and a FB page for my business, an IG business account, a Pinterest business account, as well as a Wix website. It was simple to accept payments via Venmo and Square as there is no barrier to entry.
Celikel created an LLC through LegalZoom and received business licensing and insurance in less than a week.
10. Natural Dog Food
Everyone who has a dog knows how important Fido is to their health. This is a unique twist on the $21 billion health market. To get started, you’ll need to familiarize yourself with the regulations of the Food and Drug Administration.
Also read: Best 3D Printing Business Ideas for Startup
11. Animal Rescue
To start your business, you will need the proper permits as well as licenses. To rescue animals, you will need staff to start immediately.
12. Private Label Products
“Choose a product in high demand on Amazon and eBay. Patricia Russel, FinanceMarvel writes that one of the top sellers is currently lacking in a certain area. If done correctly, drop shipping similar products with your private label can lead to serious long-term success.
13. Subscribe to a Monthly Gift Basket
Russel states that these have been popularized by the Dollar Shave Club on Reddit. The monthly subscription business model is amazing as it requires very little capital investment.”
To start, she suggests starting with a collection of items as-is from AliExpress, Alibaba, and JD.com. Next, add your private label items.
14. Personal Finance
This niche is great for those who have some training and education in the area. Public speaking engagements are a great way to start building a client base.
15. App Development
Startup gold is anything that deals with IT. App development is not an exception. You can give away one version and charge for additional features.