Not all businesses have a mainstream appeal. Some are catered to a specific group of people. These are known as niche businesses.
Creating a thriving niche business isn’t easy as you often have to work harder to find customers. On top of this, some niches can rise and fall in popularity (particularly specific gadgets and fashion styles).
That said, some niches can be highly profitable. In fact, some appear to be growing fast and show no signs of going away any time soon. For those looking to start a business in such a niche, here are a few specialist industries that could be worth looking into.
As our negative impact on the environment continues to become a growing concern, the need for greener technology is also growing. Renewable energy is one of the fastest growing industries – solar panel installation companies have seen huge growth in the last decade. Meanwhile, recycling technology is also big business. Right now it’s a niche, but in the future this industry is likely to be the mainstream solution.
Green technology could be a great business venture for those that care about the environment and love technology. Qualifications such as a degree in green technology could be useful when asserting yourself as an expert in this niche (an engineering course may be needed if you’re looking to invent a product or get into installation/repairs). Alternatively, you may be able to get into green technology through sales or marketing.
Security is another niche that is constantly growing. In the last year, it saw a total growth of 12.6% – which is its largest growth in years. This is due to the ever-growing diversity of security threats, leading to a demand for new security solutions. Digital security in particular has become a huge new industry. There are so many branches of security to consider from fighting cybercrime in business to helping with national border control. There are also many specific forms of education to consider from ethical hacking courses to CBSA school. Consider whether your strength lies in technology or in social security.
Fitness is another niche that is booming. In the last ten years it has been growing by 3 – 4% on an annual basis. The reason for this is down to a growing number of us living sedentary lifestyles and spending more time indoors – as a result more people are wanting to get out and be active. Fitness technology such as wearable have also opened up new opportunities.
There are a number of niches within this niche from personal training/exercise classes to fitness technology to nutrition. If you’ve got a passion for exercise or healthy eating, this could be a great business venture to consider. Taking a course could similarly be handy for gaining expertise such as a degree in nutrition or a personal training short course.
English may currently be the lingua franca but there are possibilities of other languages sharing equal popularity in the near future. Spanish and Mandarin already have more native speakers than English and are constantly becoming more popular. Translation services and language learning services are seeing growth as a result as more people need to communicate using these languages.
Getting into this industry does require becoming fluent in a widely spoken language. If you already speak Spanish or Mandarin, making the jump into this industry may not be so much of a challenge. Startup costs are likely to minimal – all you need is yourself and your ability to speak another language.
The pet industry is growing year by year too. In fact, over the last two decades it’s seen a 5.4% growth rate annually. Millennials in particular are having less children and adopting more pets (which have been termed ‘fur babies’ by the media). If this trend continues – which seems likely – the pet industry will only continue to boom.
Qualifications aren’t always necessary within the pet industry. The likes of dog grooming, animal nutrition and obviously veterinary care do require taking courses, however otherwise a love of animals may be all you need to conquer this niche.
Millennials may be having fewer babies relatively compared to previous generations, but the birth rate is still increasing. Unless there’s some Children-of-Men-esque outbreak of infertility in the near future, there will always be a market for baby products and services. This makes infant care a secure and profitable niche.
There are lots of routes into this niche. You may decide to create your own baby food or you could set up a business selling baby clothes or you could simply get into childcare. An education isn’t always necessary to get into this niche, but can be beneficial.
Just as the number of babies is growing, so is the population of senior citizens. The demand for senior care is thought to rise considerably in the future. A growing number of startups are expected to emerge and fill the gap for this need.
There are many ways to get into senior care. You could set up your own care service working with older people in need or you could work within senior care technology such as providing equipment such as wheelchairs, stairlifts and smart technology to allow senior independence. There are diplomas in elderly care available that you could consider as well as training courses.
Dating – particularly online dating – is also and industry that is seeing steady growth. More people are using technology to meet prospective partners and investors are pouring money into startups. Apps like Tinder may only be the beginning of what is possible as inventors find new ways to set up partners. Meanwhile, online dating coaching is also thought to become a more popular service.
You don’t need any qualifications to get into this industry although you may need programming skills if you plan on building an app.
The cosmetics industry is also showing no signs of waning. In fact, it’s currently seeing an explosive growth that’s no doubt fuelled by new technological advancements and social media. People are constantly looking for new ways to improve their beauty. The likes of anti-aging is seeing particular growth as the aging population increases.
There are lots of ways to get into this niche. Qualifications can be needed when getting into industries such as beauty therapy and cosmetic surgery. However, such qualifications may not be required when getting into sales and marketing within this niche.
Less people may be putting their money in stocks and shares, however people are still investing their money in places other than the bank – new forms of investment have simply taken over such as peer-to-peer lending, cryptocurrency and domain name investing. Micro-investing is also a trend that has become popular, allowing everyday people to invest small amounts of money.
A business related to investment could be perfect for those that are passionate about investing or finance. You could become a broker or you may be able to come up with a new piece of technology to help with investing. Educating yourself is likely to be important, even if you don’t pursue a formal education. This could include reading up on all things cryptocurrency-related in order to help people make investment decisions involving cryptocurrency.