The US Small Business Administration Office of Advocacy notes that in 2018, about 30.2 million small businesses exist in America alone. While not every one of them is a niche business, quite a lot of the more recent startups tend to go in that direction.
The low startup cost, combined with the relative ease of marketing, means that there are fewer barriers to enter the market. That being said, if you don’t want to end up fueling the statistic of how many businesses don’t survive their first year, you should carefully choose your niche.
Let’s discuss how to do exactly that.
Marketing to an individual
Before we go any further, let’s take a minute to define niche business. Simply put, a niche business is one which focuses on a specific product within a market subset. Here are some examples to give you a better idea of what we are talking about:
Specialty chocolates
All kinds of organic, sugar-free and lactose-free products
Dog food delivery service on a monthly subscription basis
All kinds of pet clothing accessories
All kinds of standard products created in a non-standard way (e.g. “organic” straws instead of plastic ones)
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