Fast-Growing Niche Businesses

by WorkFromHome on December 19, 2011

Niche business have one thing on their side that, in many cases, ensures their fast growth: high demand and a lack of adequate businesses to fill it. Consumers often wish that a certain product existed, or that it could be made better, but they simply can’t do it themselves. That’s where a smart niche business comes in and revolutionizes consumer demand and purchasing habits, leading to wide success. This can be seen in a few key niche markets around the world. The fastest-growing niche markets exploit demand and create the kind of competition that leads to self-perpetuating growth.

  1. The mobile accessories marketplace
    Mobile phone manufacturers are really good at one thing: manufacturing phones. In fact, you might call them one big niche market. But one thing that they have never been particularly good at is creating a strong line of accessories for the phones they sell to consumers on a daily basis. Sure, they’ll produce a token line of accessories: car chargers, a bluetooth headset or two, and perhaps a handsfree set of earbuds with an included microphone. But these companies don’t produce screen protectors, phone cases, and personalized phone covers. It’s simply not in their purview.

    One of the fastest growing niche markets for this reason is the mobile accessories marketplace. Consumers long to protect their phones from dangerous — and occasionally expensive — damage. And they want to do it in a way that expresses their unique personality, interests, or occupation. The right niche business understands that there is a large market for bright pink phone cases, a neon green pair of earbuds, or a screen protector that turns the phone’s screen into a mirror when it’s not in use. And they’ve created a niche market that measures profits in the billions of dollars every year.

  2. Home offices need a designer, too
    Most people consider their home to need interior design work in the living and dining areas, often leaving out the importance of a well-designed home office. But these home offices are increasingly common as people seek non-traditional sources of employment in a stagnating economy, and they require a design that is both inviting and encouraging of productivity. Because home offices are increasingly common among people who work from home, the home office design niche is one of the fastest-growing interior design sectors in America.
  3. Marketing that caters to a new generation
    For a long time, the single largest generational cohort in the United States was the “Baby Boomer Generation.” The balance of power has begun to shift, however, to a baby boom that has variously been referred to as the Millennial Generation, or Generation Y. Their numbers are competitive in size with baby boomers, and as the baby boomer generation begins to retire and get numerically smaller, their large numbers will become increasingly important to marketers and advertisers. This marketing niche has produced a fast-growing array of businesses that specialize in getting the popular 18-29 year old demographic on board with a wide variety of products — from soft drinks to automobile insurance companies.
  4. The green living niche
    While it’s currently popular to “go green,” the truth is that green living is still a market niche in a world that prefers to drive gas-guzzling cars and power the home with electricity produced by coal-fired power plants. Those who truly wish to live a green life — from solar panels to electric cars — often can’t make the transition alone and require a consultant who can help them make the switch from traditional, more polluting source of energy, to those which are more eco-friendly. This niche is rapidly growing and — if the US government is correct — it may someday transition from niche to global economic engine. Getting in now assures maximum benefits can be enjoyed from this unique niche.

These are Four, but There are More

It’s often thought that the biggest and best businesses in the world are global corporations, but that simply isn’t true. Niche businesses in many areas of the economy are growing at considerable rates, and their promise as niche businesses ensures that they may someday make the transition to businesses of a larger scale. From accessories to consulting, designing to decorating, fast-growing niche businesses span the spectrum and are in every small, underserved corner of the wider business community.

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