Getting into the realm of business is easy these days. As long as you have a concrete plan and the desire to succeed, you can make a bountiful business. However, upon choosing your business niche, you have to be aware of what products are hot at the moment.
Choosing what business niche you are going to pursue is a very crucial part of your business plan. It starts with finding the right product that doesn’t just align with your goals but also secures a steady spot in the buying market. After all, you are there to do business for the long-term.
What to consider when choosing your business niche
To find the perfect business niche for you, you got to look at the hole in the market where a unique or unpopular product hasn’t been distributed yet. Ensure there is a solid market need for it before you take the plunge.
The year 2020 has opened up countless possibilities for every aspiring entrepreneur out there. With the continuous change in the needs and market behavior of consumers, it’s unlikely to come up with no business idea. Got an idea but low on funds? Discover here how you can start a business with little or no cash.
But before you jump into a niche, make sure you have everything planned out—your strategy, customer base, the business plan, marketing, and of course, your product source. As a startup, you will need to establish a stable source of your products to supply your business. Here are some product sourcing methods you can choose from when you get into retail:
- Dropshipping
- Wholesale
- Liquidation
- Importation
- Private and white label
- Retail arbitrage
- Artisans
The hottest business niches for 2020
Together with the relevance of the products in the current market right now, we made use of Google Trends to see the search volume of such items to confirm the high-yielding return potential each could bring you. Here are some of those profitable business niches you should try this 2020:
1. Reusable bag and other eco-friendly goods
The coming years present so much potential for eco-friendly businesses. People are getting more conscious of the long-term consequences of single-use products on the environment. The best products to sell today are those that cater to these consumers who advocate for a sustainable way of living. Your options may range from reusable bags, bamboo toothbrushes, reusable paper wraps, wooden utensils, and shampoo bars.
2. Phone cases for new phone models
There is always a huge market for phone cases when there’s a newly released phone model. The market potential is unending for this phone accessory. Although there is huge competition, you can find a way to stand out with a unique approach to marketing your products—creativity is key!
Just take a look at how people went crazy when Apple launched its iPhone 11 series—it accounted for 70% of iPhone sales in the US in the last quarter of 2019! People are going to need phone cases for their newly-bought phones. The need doesn’t end when tech companies continuously produce phones.
3. Pet supplies
About 85 million families in the US own a pet. In 2018, the actual expenditure for pets grew to $72.56 billion. Why not take this opportunity to carve a name in this niche? You can try doing retail for various pet needs like bowls, leashes, collars, treats, food, cages, and more. You can specialize in a few products and personalize it to easily market your products.
4. Skincare products
Unlike the previous years where makeup is in a constant trend, this year, more and more people are becoming aware of the importance of proper skincare. Investing in good skin is better than purchasing expensive makeup, as good skin offers long-term benefits. If you want to cater to this need, you can join the bandwagon and release your own products or do retail.
5. Online food delivery
Pre-packed or pre-planned meals are getting popular at the moment. With the always-on-the-go lifestyle of most professionals, most of them don’t have the time to prepare meals for themselves. It’s either they eat out or opt for food delivery.
Gone are the days where you can only order a one-time meal—these days, you can go for a food subscription that can supply you a whole day’s worth of pre-packed meals to be delivered in the mornings, or pre-planned meals you can cook by yourself! You can try this niche and set a competitive offer to land a place in the online food delivery scene. Find out here how you can start a small business at home.
6. Organic and ketogenic food
People being health-conscious are timeless. Take advantage of people’s choice to go on an organic diet or ketogenic diet. These two dietary preferences are popular at the moment as both have the common goal of a healthy lifestyle. You can come up with various business ideas on how you can take on this niche—do retail, open up a restaurant, or create your own organic/ketogenic-friendly snack you can offer to consumers.
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7. Weight loss items
People who are motivated to lose weight are more likely to purchase items and equipment that will help them reach their goals. Aside from a healthy diet, there are various items that can ensure an effective weight loss. You can toy with the idea of selling dietary supplements, detox juices and teas, yoga mats, kettlebells, weights, jump ropes, and so on.
8. Selections for the LGBTQIA+
There is a huge market for the LGBTQIA+ community. They shop 10% more than the average American consumer and are willing to spend 7% more based on a Nielsen report. When you do it right, your business can soar in no time. The key to being effective in marketing whatever your product will be is authenticity for being an advocate of LGBTQIA+ rights. If you are just going to tap this business niche just for the sake of profits, don’t even think about it—your efforts will just backfire against you.
9. Travel-friendly pieces
Traveling is inevitable for everyone—whatever age you are. In 2018, leisure travelers spent $762 billion on both domestic and international travels. Looking at the huge industry in travel, you can create lots of opportunities to generate profits in that.
Travelers need items that come in handy, bring comfort, and are lightweight. Popular items could be travel bags, compression bags, power banks, travel pillow, waterproof organizers, and digital luggage scales. Or you can offer the public an innovative invention that most marketers haven’t found the need to sell for this market yet.
10. Wireless earphones
Bluetooth earphones are pretty trendy these days. The leading wireless earphones today are the Apple AirPods, which are adequately expensive. The competition is tight in technology, but you can do retail arbitrage to sell competent brands that can rival Apple and other popular earphone distributors.
11. Gamer-targeted products
Those who play games on mobile, console, PC, and others are referred to as “gamers.” There is a big market for these gaming connoisseurs who spent $43 billion on video games in the US alone back in 2018. Gaming content is popular with the gaming community, so why not venture in this industry if you’re on the techy side?
Whereas if you want to do retail, you can be a distributor of ergonomically comfortable gaming chairs, tables, and more PC equipment. There is so much potential in this business niche you can take the opportunity of.
Those are just 11 of the best business niches you can try out in your business venture for this year. Be it a side hustle or a full-blown startup; it counts to consider the relevance of these business niches at the moment. Without looking at their current and future potential in the market, you are putting your capital at stake.
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