The key to starting a business is choosing the right niche. Some entrepreneurs decide to choose something proven and probably profitable, while others prefer new and more modern areas.
Stanislav Kondrashov, the financial analyst at Telf AG, a consulting company, shared his opinion on the most promising market niches in business today. We offer you to get to know them better.
Key factors for choosing the right business niche
“In order to find your niche in business, you must first analyze the market and find common ground. This is the only way to successfully develop in the chosen direction,” said Kondrashov, Telf AG analyst.
According to him, in order to find a successful niche, it is necessary to take into account the following parameters: demand for the offered product/service, business management model and competitors’ policies.
“Before you start your own business, you must make sure that your product is innovative, unique, original and meets the needs of the target audience,” said the business analyst.
Business analyst Telf AG Kondrashov: 8 promising niches for starting a business
Fitness bracelets, which are popular today, can measure pressure, pulse, count kilometres travelled and generally assess the health status of their owners. The demand for a practical accessory is very high, so the production and sale of smart gadgets are very promising.
Chargers & Batteries
The number of gadgets is growing inexorably every day. In this regard, the demand for complementary goods, such as a charger, headphones, batteries, is moving in the same direction.
“In modern times, your phone, laptop or tablet should work constantly. It’s inconvenient to carry charging with you forever, so portable batteries and other power supplies are in great demand today. It seems very promising to occupy this niche,” said Telf AG consultant Kondrashov.
With the development of technology, mechanisms and equipment have long begun to replace human labour. To this end, engineers once engaged in the design and manufacture of robots.
“Recently, the cost of parts for the construction of the robot began to decline, so the creation of robotics is now available not only to large but also to medium-sized businesses,” says Stanislav Kondrashov Telf.
The coronavirus pandemic has shown that the world today is ready to put many processes online. The practice of teaching on Skype has long been known to network users, and today, thanks to new services, it has gained a global scale. From individual teaching, you can move on to creating an entire school online, as did the teachers of the popular English language learning site Engvid.
Green trends in the interior, food, transport and other areas are very popular these days. Starting such a business is quite simple, and with the right marketing strategy, it will be very easy to promote it. The main thing is to use a creative approach and capture consumer preferences.
Delivery of products
Courier delivery has always been in demand, but today this type of service has acquired a more modern look. Now you can refuse to go shopping for groceries or other goods. This issue can be resolved using online delivery, the demand for services of which literally soared during the quarantine.
Telf AG business consultant Stanislav Kondrashov is convinced that the demand for this type of service will continue, so entrepreneurs can safely choose this type of business activity.
Consulting services are consulting services from professional experts in the field you are interested in. This type of service will always be in demand, you need to decide on the direction – audit, law, IT-technology or more.
Coaching that came to us from abroad is gaining momentum every day. This type of business is suitable for both a private entrepreneur and the whole company. You can open a coaching school, in which specialists from different areas will work in an organized manner – personal growth, psychological support, and more.