15 Best Niche Industries for Startups - Small Business Trends
Posted: 18 Jun 2019 09:00 AM PDT
Statistics tell us thousands of entrepreneurs start businesses every year. After four years, more than 50 percent are gone. Getting a good start is important to success, and one way to do so is by selecting from among the right niche industries.
Best Niche Industries
Here are the 15 best niche industries for startups.
1. Bottled Water
This is a money-making niche. However, there's more to it than just finding a source and bottling the water. Steps you need to take include sanitizing the bottles and filtering the product. Sell directly to customers or look for grocery store contracts.
2. Organic Skincare
Natural products that don't harm the environment are on the rise. That includes skincare products for women. These products are so popular now, there's even a best of list for 2019. A lot of the niche products here are corralled into lines including facial masks and cleansers.
3. Self Improvement
There's a product for most everything you want to improve about yourself. Courses for everything from improving self esteem to building up your career. There are some obvious ones to start in like how to make money and personal finance.
4. SaaS Software
Selling software as a service to small businesses is big.
One of the most profitable niches right now is SaaS software products targeted towards legal and medical professionals," writes Nishank Khanna, VP, Growth Utility NYC. "Both niche segments have plenty of cash to spend on products that can streamline their workflows and save them time."
5. Inbound Leads from SaaS Software
This is a subcategory of the SaaS software niche. Start ups can make a decent living supplying the software and generating leads for clients. Khanna explains.
"Lawyers and doctors spend a lot of money on getting more inbound customers and often spend thousands each year on existing platforms for growth."
6. Travel Writer
You can monetize your vacations and maybe even turn travelling into a full time gig. Here's a tip to start selling blogs. Write personal descriptions/ accounts backed up with facts.
This one has lots of room to branch out.
"Wellness is one of the biggest industries in North America right now. Entrepreneurs can branch off into any and all directions that are relevant to what they want to do. You may start up as a personal trainer, open up a yoga studio, or create a nutrition product."– Deborah Sweeney, CEO, MyCorporation.com
8. Online Dating
What better way is there to get people together than use the Internet to setup an online dating company? There's good money in this niche. If you live in a big city, you might want to target local singles at first.
9. Home Organizing
Melisa Celikel is the CEO of Let's Get You Organized! She supplied a quick run down of how she got her business started.
"I created a Wix website, a FB business page, IG business account, and Pinterest business account," she writes. "Accepting payments through Venmo, Square, and PayPal since there's no barrier to entry with these free apps was easy."
Celikel formed an LLC on LegalZoom and got business licensing and insurance within a week.
10. Natural Dog Food
Fido's health is important to everyone who owns a dog. This is a great twist on the health market that's worth $21 billion. You'll need to be familiar with some Food and Drug Administration regulations to start.
11. Animal Rescue
You'll need to have the proper permits and licences to start this business. You'll also need to hire a staff right away to make an animal rescue work.
12. Private Label Products
"Find a product that is in high demand on Amazon or eBay. One where the top sellers are currently lacking in some area," writes Patricia Russel from FinanceMarvel. "Drop shipping a similar product with your own private label can set you up for serious long-term success when done properly."
13. Monthly Gift Basket Subscriptions
"These have been popularized on Reddit by the Dollar Shave Club," Russel says. "The monthly subscription business is incredible because it has a low cost of entry."
She suggests a collection as-is items from Alibaba, AliExpress, or JD.com to start. Then add your own private label items.
14. Personal Finance
If you've got some education and training in this area, this is a great niche business. You can start building up a client base through public speaking engagements.
15. App Development
Almost anything that has to do with IT is startup gold. App development is no exception. Give away one version for free and then charge for more features.
Image: Depositphotos.comMore in: Business Ideas
Posted: 28 May 2019 12:00 AM PDT
Two-thirds of all Americans dream of opening a small business, and it's easy to see why. They romanticize all the good parts -- being your own boss, coming and going as you please, and not answering to anyone.
Continue Reading Below
Those perks come with some pretty major downsides. You may be the boss, but in the early days, you're also the secretary, janitor, driver, accountant, and pretty much everything else.
It's easy to get excited by the idea of running a small business. The reality, however, can be something else entirely. You may not have a boss, but you'll trade that for a ton of work and limited (or no) people who can help you.
1. Days never end
As the boss and owner, there's rarely an off day -- at least in the very early days of your company. At most jobs -- even really demanding ones -- at some point, the day ends. When you're the owner and running the show, there are some problems you have to solve no matter when they happen.
That could mean dealing with an irate customer or getting out of bed when your burglar alarm goes off in the middle of the night. If there's work to be done or a fire to put out, you'll probably, at the very least, know about it, even if you're not directly solving it.
2. You need to sell
Small businesses live or die based on having customers. If you can't bring in people to buy your products or services, you won't be successful. You may be great at whatever you do, but selling is an important piece of the puzzle, and in many ways, the most important piece.
Many people who are great at other things can't sell. That usually means they're going to fail if they go into business for themselves.
3. It can be lonely
It's lonely at the top. Bosses and owners have to make tough decisions and must do things that sometimes aren't popular. That can and generally does create a divide between an owner/boss and their employees.
You have to fire people, tell them they can't have a raise, or that they can't have the day off. That's going to cause resentment, but being a pushover will lead to even bigger problems.
Sometimes, loneliness comes because you're alone. In the early days, you may have no employees or find yourself putting in long hours after everyone else has gone home.
Know what you're getting into
It can be very rewarding to build something from scratch, and not having a boss is pretty great. If you can overcome the challenges of building a business, then it can be highly rewarding. But it's not for everyone. It's important you know yourself and whether you can actually handle the rigors of what you want to do.
Don't be seduced by the idea of having your own business. Understand that success takes being good at a lot of things and a willingness to do whatever it takes. That's not always fun -- and in the beginning it may rarely be fun at all -- but that's the reality, not the fantasy.
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