Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. You may be trying to determine what the most clever business ideas out there are. There are several which others haven’t thought of and are still profitable. The following contributed post is entitled, Niche Business Ideas To Take To The Bank Right Now.
* * *
If you are thinking of starting your own business so that you can be your own boss, and hopefully find financial freedom, one thing you may be struggling with is choosing the right niche to operate in. Business ideas and niches are, after all, endless, so it can be difficult to know which one to choose if you want to maximize your potential and create a winning business.
With that in mind, here are some niches that are doing really well right now, and which are likely to continue to do so in the future. If you don’t want to start a business directly within these niches, they should at least give you a starting point when it comes to thinking about what consumers are interested in right now…
Wellness
The wellness industry is a big deal right now. In fact, it has been estimated to be worth around $1.5 trillion globally, which means it obviously has huge potential. Not only that but there are many smaller niches that come under the wellness banner, so whether you want to invest in a gummy maker machine to create your own CBD supplements, start selling healing crystals or set up your own yoga and meditation studio, there are endless options available to you!
Skincare
Some would argue that this could also go under the wellness niche, but skincare has seen a huge explosion in recent years, so I think it’s worth separating it into its own thing. How can you turn it into a business? The easiest way would be to use private label services to create your own skincare brand (organic and natural are particularly in right now) but you could also set up an eCommerce store selling various other brands’ products, or maybe you have a neat idea of your own?
Plastic-free
As the effects of climate change become ever more evident, more and more consumers are changing their shopping habits to help the environment. One of the biggest trends to that aim is the plastic-free movement whereby customers are looking to buy products that contain no plastic components, and which are also free from plastic packaging. This is a particularly good business niche to get into because it is really easy to take all manner of products and remove the plastic from them to target a more specific niche, which one you choose will depend on your personal preferences, the market you are looking to break into, and which products have not already saturated the plastic-free market.
Rentals
From high-end designer clothing to lawnmowers and DIY equipment, if people need to use it on an ad hoc basis, you can probably set up a business renting it out for a fee. It’s ethical, sustainable, affordable, and the future of doing business for many people, so why not get in on it now while there aren’t a whole lot of competitors doing it?
Hopefully, these niche businesses have given you a better idea of what is possible, and saleable in 2021 – I wish you luck with your new business venture.
