If you’re looking to start a small business but it seems like there are no new businesses left to start, you may want to consider niche business ideas. These unique businesses serve smaller markets with very specific needs. And, although the market can seem tiny, niche businesses can be very lucrative and profitable if selected and executed correctly.
Here, we’ll cover some new niche business ideas that could spark inspiration and walk through how to select the right niche business idea for your next entrepreneurial endeavor.
Top Niche Business Ideas
The good news: There’s an endless number of niche business ideas. It’s important to leverage your individual areas of expertise and keep in the back of your mind how you can best serve the unique group of customers in the niche market you’re targeting.
So, your next profitable business idea might be in this list. But, even if it’s not, use the examples here to kickstart your own creative thinking to find the best new niche business idea for you.
1. Sleep Coaching
Many people struggle with healthy sleep. One niche business idea to explore is becoming a sleep coach and helping people get more, better quality sleep.
It could be particularly lucrative to focus on babies and children, as parents may hire sleep coaches to help get their kids into a healthy routine. There are certification programs and training courses that can train you and help up your credentials to start this unique type of business.
2. Instrument Repair
It can often be hard to locate a professional with the right expertise to repair a particular instrument, and especially a person who’s local. If your community is in need of an instrument repair shop, this could be the perfect niche business idea for you.
Additionally, you can always think about expanding your business to include music lessons if you build up strong relationships with your clientele.
3. Children’s Party Entertainment
Another idea is setting up a children’s party entertainment business. You could specialize in any number of things: balloon animals, magic, face painting, music, and more.
This is a place where you can utilize your unique talents and interests to build a business, and probably have quite a bit of fun doing it.
4. Calligraphy and Handwriting
Many people look for handwriting and calligraphy services for special events. This could mean handwriting thank you notes in the holiday season or addressing wedding envelopes, for instance.
To advertise your services, you might want to look at partnering with party planners or stationery shops, both of which will be serving your potential clientele.
5. Video Fitness
There’s a growing market for video fitness classes—especially in the wake of the COVID-19 pandemic. You can consider setting up a niche business of hosting private classes, whether one-on-one for clients or as a broadcast to a larger group.
Moreover, this can be an even better niche business idea for people who are already certified in certain types of fitness business pursuits, such as pre- and postnatal fitness, yoga, Pilates, and more.
6. Private Meditation
Wellness is another industry that’s experiencing growing demand. As stress mounts, many are looking to find a way to meditate, but often need a leader to take them through it.
You can consider becoming a meditation coach for small groups or private individuals, both in person and online via voice or video.
7. Subject Test Prep
If you have expertise in a certain subject and are good with teaching, you can consider setting up a niche business in test prep that can help kids achieve their goals. Don’t forget here that testimonials and word-of-mouth marketing are very important for growing your client base.
8. Web-Platform Training
Many people—such as business owners—pay developers to create a website for them. But, sometimes, maintenance of these sites can slip if a team isn’t trained on how to update them. You might be able to set up a niche business training people on platforms, such as Squarespace or Wix, to help them maintain their sites.
Websites aren’t the only opportunity—there are other platforms, too, that you can consider offering training for, such as Hootsuite, SEMrush, Facebook and Instagram Ads, Google My Business, and more.
9. Menu Design
Restaurants often struggle with their menu design, especially if they use templates that aren’t quite right for them.
If you’re a strong designer, you might be able to set up a niche business designing custom menus for restaurants that help showcase their food and atmosphere. If you’re successful, you can think about branching out into restaurant logos or other elements of graphic design.
10. Search Engine Optimization
Search engine optimization (SEO) is a crucial part of many business strategies. But it’s not so easy, and it takes time to develop. Therefore, the right niche business idea for you might be providing SEO consulting to other businesses and individuals, helping them rise up the ranks on major search engines and drive traffic to their sites.
Fact-checking might seem like an easy job, but it’s actually pretty technical. There are courses in which you can train as a fact-checker to learn the ins and outs.
This is a niche business idea that could be interesting if you want to work with writers, who often bring in outside fact-checkers to make sure their work is airtight.
12. Garden and Plant Consulting
If you have a green thumb, you can leverage your talent into the business of garden consulting. You also might want to consider consulting on houseplants, which is a growing sector of interest to young, often urban, consumers.
If you love love, maybe starting a matchmaking business could be right for you. There are even ways to dive deeper into this already niche industry—for instance, you could focus on clients looking for a partner of a certain religion, ethnicity, or sexual orientation.
14. Personal Sports Coaching
If you have a unique talent in sports—perhaps you were a college athlete or even a professional—then personal sports coaching could be a good niche business for you. Like a tutor, you can provide private or small-group lessons to help players grow and develop their skills.
15. Career Coaching
Like sports, many people need some help finding directions in their careers. A career coach can set up a niche business offering guidance on how to develop certain skills that are desirable to employers, help candidates figure out how to position themselves on the job market, and also teach leadership skills.
16. Resume Development
Some job candidates don’t need extensive career coaching, but rather a resume review. As a professional resume developer, you can review resumes, offer feedback for how clients can better present themselves to employers, and even offer resume redesign and makeovers.
17. Closet Organizer
Closets are often a pain point for organization, so your niche business idea might be opening up a service that helps clients get their closets clean and functional. If you have an overall knack for organization, you might even extend your services to other parts of the home.
18. House Staging
Nearly half of buyers’ and sellers’ agents agree that staged homes sell for more money. If you have an eye for design, you might want to consider setting up a home staging business to help sellers make their listings more attractive to prospective buyers.
19. Hauling Services
If you have access to a large vehicle, you might want to consider setting up a hauling service. You can help people move large items like furniture, offer pickup and delivery services from stores, or even transport large discarded items to waste facilities, donation locations, or other disposal sites.
How to Find the Right Niche for Your Business
Whether you’ve already identified a new niche business idea that you’re interested in, or are still trying to find one that’s the right fit for you, there are a few things you’ll want to consider. The following tips will help you pick a unique and profitable business idea, and make sure you properly position yourself to succeed.
- Identify a market and research their needs. Performing a market analysis is crucial to developing a viable niche business idea. Take the time to research whether there is a demand for your business, who your target audience is, and what your competition looks like.
- Get the right gear and tools. Many times, niche businesses require particular tools or gear to do specific tasks. Consider these costs and where your startup funding will come from.
- Come up with brand positioning and a marketing strategy. Marketing is especially crucial for a niche business since your audience is small. Consider your audience’s pain points and make sure your marketing lets potential customers know how you can address them.
- Write a business plan. Finally, it might also be advantageous to create a business plan before you get going. This will help you identify anything you’ve overlooked, as well as uncover blind spots that you might otherwise not be exposed to.
The Bottom Line
Therefore, as you’re going through the process of identifying the right idea for you, don’t forget to put the time and effort into customer research and marketing so you can get the word out about your new enterprise.
- AlliedMarketResearch.com. “Online/Virtual Fitness Market Statistics – 2020”
- TheRinger.com. “Plantstagram Is a Haven for People Who Bring the Outdoors Inside”
- NAR.realtor. “2019 Profile of Home Staging”