Niche businesses are becoming a popular way for entrepreneurs to enter markets and start their first businesses. These businesses often begin with an idea for a product that fulfills a market need. Many times, these products are in an area of interest that the entrepreneur is very passionate about. This passion is usually expressed in all areas of the business so that the story behind the business attracts customers in droves. The passion drives the story and the story drives the business. Wouldn’t you rather buy from a business that is a super-excited expert in your hobby or interest? I sure would.
How small should your niche be? How about custom laser engraved headset cap for bicycles? Is that niche enough? KustomCaps.com was created because the founders grew tired of the plain, ordinary black plastic caps that were prevalent at that time. They saw a need (or at least, a want) and developed a product for that want.
How small is niche?
The product they created, the Kustom Cap, is only for a small niche group of people who not only like riding bikes, but also go on long rides and want to customize their bikes. It is not a functional, “better mousetrap” type product, it is a ordinary item that has been customized to express the rider’s personality. They had a need, they developed a product to satisfy that need, and created a niche around it. It is as simple as that.
Do you have a need? How about an idea? There are countless ways to improve life by creating both functional and decorative products and designs. These products and designs do not have to serve a large market, they only have to fill a niche. Do you have a niche?