To find a business niche you need to find an industry that aligns with your interest, behavior, career, background, and also your plans. Once you find an industry, find a certain segment of that market that you believe is a good fit for you and build a lucrative business around it.
Ignore those who suggest you niches just because they’re profitable. It’s not very likely that you’ll succeed in it, especially when compared to starting a business in a niche market that you’re passionate about.
You are probably thinking “I can’t think of any field I am interested in”
Well, there is always something.
Perhaps you enjoy golfing, or maybe you prefer to be an at-home person who spends their time reading books or tending to a garden, like my mom.
Whatever it is, you need to find it out first. So let us start there.
Now for the sake of this blog let’s just say that you’re interested in organic farming.
As we navigate towards a more sustainable world, organic farming is set to become a key area of focus. So, starting a business in that industry is a good idea.
In this blog, I’ll guide you on discovering a lucrative business niche in organic farming by utilizing just one tool.
You can follow the same process to find a niche market in an industry of your interest.
Understanding the customer base ( Find a niche market that you love)
Organic farming is a pretty broad industry. So, if you’re looking to start a business in this field you might think you need to lock horns with multiple competitors.
But, you don’t have to do that.
Well, here’s the thing: even though the folks in this industry may share similar characteristics or lifestyle patterns, they fall into different segments of the target market.
For instance, there are consumers in this industry who are interested in buying organic food because they are vegan. So, if you’re up for it, why not start a business centered around the vegan lifestyle?
You can sell all sorts of products that cater to vegans and build your brand in the process.
On the flip side, there could be another group of consumers who are interested in purchasing organic food because of its nutritional value.
You’ve got two segments that share a similar lifestyle characteristic and buying behavior, but they’re driven by different motivations.
One great thing about this is that there’s not going to be much competition, so it’s really easy for you to stand out. You’ll learn why such niches have low competition in the upcoming section.
But the important thing is to ensure that the niche market is interesting to you & profitable.
I know that targeting vegans can be a niche business, but there’s a methodical way to find a profitable niche using the following tool.
Leveraging Google search volume to find the right target audience (Find a profitable business niche)
You can use Google’s Keyword Planner to find a profitable niche with the use of data.
With this idea for a product that would appeal to vegans, I landed on the topic of oats. Even though I’m not a vegan, I enjoy oats. I enjoy eating different types of oats, so I reckon this could be a potential niche I’d consider starting a business in.
In the above snapshot, as you can see I did a simple keyword research using the search term “Oats for Vegans” on Google Keyword Planner (Click on the link)
The first thing that caught my attention was “vegan overnight oats”. Mostly due to the popularity of the search and the level of competition.
When you come across a keyword that has a high search volume and low competition, you have found yourself a low-hanging fruit.
Note: Just keep in mind that when you’re doing your research, it’s important not to get too caught up in the search volume and start daydreaming about your business venture. Sometimes, popular search terms can be associated with a specific brand. Well, that might explain why it’s getting a lot of searches each month. I just wanted to let you know, because I’ve made this mistake before.
Just keep entering more keywords that you think your target market would find interesting. Jot down all the ideas you can think of and then do some research to find a profitable micro niche that you’re interested in.
Just so you know, even though I enjoy oats, I’m not a vegan. Well, I guess I could explore some other possibilities.
Remember to ask yourself. Is it something you’re interested in? You should prioritize it above everything else, with search volume coming in as a close second.
Profitable industries/niches in 2024 ( with some niche market examples)
I stumbled upon a few lucrative niches while browsing through Flipping platforms such as flippa and Facebook Marketplace.
On these platforms, website owners sell their business niche websites. They share the annual and monthly revenue their niche website generated through ad revenue, affiliate sales, etc.
So, here are some profitable business niche ideas I came across on these platforms:
Prepping
Prepping is an uncommon niche that few people consider while brainstorming business ideas.
When it comes to prepping, most people tend to think about meal preparation.
However, you might be surprised to learn that there are a few websites that are entirely built on the prepping niche.
For instance, I came across the following when looking for prepping ideas.
The blogger has written articles on different prepping concepts like its basics, survival kit, emergency scenarios, and more.
This website is perfect for anyone who wants to learn some helpful tips before embarking on a trek or setting sail to a remote island (You never know when you might need a few survival tricks for a deserted island!)
Starting a small business in this niche market would be a great fit. You’ve got a great opportunity to sell plenty of emergency supply kits or trekking kits to interested target customers.
Home Security
Home security is a great industry to start a small business in, especially in a neighborhood where burglaries and home invasions are common.
There are many different types of equipment you can sell. From a basic door cam to a high-tech system that keeps an eye on your house around the clock, you have many options.
You can narrow it down even more. Perhaps consider investing in solutions for child safety and senior safety. Security solutions for your furry friends.
There are numerous market niches you can focus on when it comes to the Home Security business.
Pet Supplies
It’s safe to say that the pet supplies industry is always in demand. What’s great is that you can narrow it down even more based on the specific type of pet you have, the breed it belongs to, and more.
Check out this online business website that’s perfect for golden retriever owners!
If you happen to have a shih tzu and possess ample knowledge about this particular breed, you might want to consider setting up an online store that caters specifically to shih tzu owners.
In a Nutshell: It is important to find your niche with these two steps
To discover a profitable business niche, it’s important to have a good grasp of your target audience and select a specific segment from an industry that aligns perfectly with your interests.
Just go ahead and search for a profitable niche using Google Keyword Planner. In the tool, don’t forget to monitor the search volume, and also consider the level of competition and your interest in that specific niche.
I also gave you some small business ideas for inspiration. That should help you find a niche of your interest and get your business up and running.
How to find your biggest competitor in your niche
To find your biggest competitor in your niche you can use SemRush for free!
I enjoyed using this tool because signing up for the solution was quick and easy with just a few steps. I quickly explored the features SemRush has to offer in just 5 minutes. Let me walk you through their features that might help you locate competition in your niche.
Finding the top competitor in your niche through SemRush
You can find the biggest competitor using the “Keyword Overview” feature of SemRush
All you need to do is open an account with SemRush. You can do it using a Google account, like I did.
After that, navigate to the tool’s “Keyword Overview” section and enter a search term that you believe your target customers will enter in the search field.
You don’t need to think much about the keyword idea; Just enter a search term that connects with a customer’s pain point. For instance, there could be owners of golden retriever dogs looking for specialized dog food for their breed. You can simply type in “golden retrievers dog food” for example.
As you scroll down, you’ll see the keyword ideas that SemRush generated for you.
Select the keyword suggestion with the largest search volume. Because of their large budgets and domain authority, top enterprises typically focus their SEO and PPC efforts on high-search volume keywords.
Next, you’ll be led to another page where you may view keyword insights such as keyword difficulty, search volume by country, questions asked about it, and so on.
Scroll down further to see the “SERP Analysis” section, which lists all of the websites that rank for that keyword. You can examine these websites to identify the biggest competitor in the niche.
Still wondering how the top competitor is determined?
Well, only a top competitor can rank highly for a competitive keyword, a feat that’s challenging for any ordinary competitor.
So, spot the top player, analyze their product categories, and develop a business plan for that niche
Use SemRush to find more competitors
SemRush’s “main organic competitors” section can show you other competitors in your niche.
You can also find more competitors if you simply enter the URL of the top competitor into the search field.
After entering the competitor’s website URL in the search bar, the tool will provide insights into the organic traffic the website receives.
Simply scroll to the bottom of the dashboard to find the “organic search competitors” section where your business’s competitors are listed.
Related: How to drive organic traffic to a business website in 2024
Now, you can go through each website and compare their unique selling point, products, or services to your business.
Bonus Tip: Go to market strategy
I’ve got a little something extra for you. So, once you’ve got your business up and running, it’s important to stay ahead of the game and know the marketing strategies that will attract potential buyers in 2024.
You can begin reading by checking out two other blog posts where I’ve written about conducting thorough market research and identifying your target audience.
How to conduct market research for a new business
What can you do to get the attention of the potential customers
That’ll get things off to a good start. I hope you had a great time.
