Niche markets are simply the segments of a general market which have a unique interest or needs, separate from what the general population wants. The niche market has its own internal traits that make it concrete and large enough to be catered for by a firm or several companies. There are a number of ways in which a niche market emerges or is created.
Some niche markets eventually evolve into mainstream markets while others remain niche markets for decades. Products sold within or to a niche market tend to be either more expensive or cheaper than similar product consumed by the general populace.
Top 9 Profitable Niche Market Options to Consider for Your Business
#1. Building Mobile Apps
The world has shifted to apps. By 2017 more than 1.3 billion smartphones have been sold. The average person spends more than 30 hours a week on apps. In fact, people spend up to 87% of their time on apps. This is what makes the app development industry such a lucrative niche market. What makes it even more profitable is that up to 46% of app users report paying for some of the apps that they use. By this year, more than 268 billion downloads with an estimated $77 billion worth will have been downloaded.
#2. Auto Repair
Frequently taking your car over to the shop for simple repairs can be a challenge. This becomes even more challenging if it takes a whole day to get the repairs done. Most of us have become so dependent on cars that a few hours without a car will make our lives harder.
In turn, we might have to get a car hire or borrow from friends or family to survive that period. Skilled mechanics armed with simple tools can conduct the basic repairs and maintenance like fluid refills, headlight repairs, and oil changes wherever your car is.
#3. Food Trucks
As rental prices go upwards and people become more mobile, the hoteliers are taking up food trucks as a means of keeping the business going. This niche market is growing especially with more clients living far outside the cities. These food trucks have become increasingly common.
They serve mobile markets like events, weddings, and team building events. Some of the truck business have ventured out as temporary farmers’ markets for suburban families. For anyone in the food industry, the food truck business holds greater flexibility, lower overhead costs and access to a larger market.
#4. Car Wash Services
Mobile car washes have sprouted out in recent year. This makes it easy for one to take over entire apartment blocks and wash the cars for the residents of that area. Many wholesale outlets offer car washing start-up kits at very affordable pricing.
The best part about it is that you can have a schedule through which local clients know when you’ll be available. It also makes it easy for you to be on call in case a customer needs you. These wholesalers not only sell mobile car wash kits, but they also offer basic training on use and maintenance.
#5. Electronics Repair
The typical modern families have between 5 and 20 electronic devices in their home. This means from time to time the systems break down, and they need repairs. That’s why electronic repair shops provide such a needed service all over the country. The level of electronic use is high that frequent breakdown is guaranteed.
From HVAC units and mobile phones to cookers and smart TVs at any point in time, there is a family in need of electronic repairs. All you need is basic training in particular electronics, and you are ready to have a part of the spoil from this particular niche market.
#6. IT Support
Millions of firms around the world have at least basic IT systems and services. This can also be said about millions of homes. That’s what makes IT support such an increasingly needed service worldwide. Most IT experts operate as freelancers helping to maintain the IT systems in many firms across towns and regions.
Not everyone is tech savvy, and they can get overwhelmed even by simple IT issues. As technology continues to invade into other aspects of your life so does the need for IT support grow. Soon nearly all homes, if the tremendous growth in that market niche is anything to go by, offices and institutions around the country will require IT support services from time to time.
#7. Personal Trainers
With an average annual income of $40,000 and an hourly rate of $19, personal training services are such a needed service right now. This niche market continues to grow as the number of obese people, and generally, people who want to become fitter grow. Many people are being referred to visit personal trainers by doctors on medical grounds. The best part about it is that it’s possible to run personal training with minimal kit. You can simply have yoga mats, a few weights, and bands at the trunk of your car.
#8. Vacation Rentals
As travel becomes cheaper and people become more mobile, the need for rentals for both vacation and also short-term schooling and work engagement is becoming critical. Firms like Airbnb have proven that people’s desire for affordable vacation rentals is enormous.
If you have a home in any part of the world, you can assign it to one of the many vacation rental apps and make your home available for a fee. This is even more profitable if you live in highly desirable tourist or vacation destinations in the country or around the world.
#9. Content Development
From virtual assistants and bloggers to graphic designers and social media managers the world of online marketing and support have increasingly grown. Lots of brands are vying for attention online, and many of them could benefit from the skills above.
The best part about this niche market is that with basic graphic design and copywriting skills, you can earn extra coins and build your resume as the go-to person in digital marketing. This could also extend to basic WordPress skills and media buying. As social media takes up more of our time, more firms will need social media experts to help them stay ahead of the pack.
Finding the right niche market that matches your business as well as your goals is a key element of a successful company. All the above niche markets are profitable nowadays. Probably the best ones are those related to the digital world such as IT support and content development. However, it is important for you to make a choice depending on your abilities, skills, and available resources.