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If you ask any new freelancer what industry they have chosen to specialize in, most will say blogging, marketing, accountancy or social media management. These fields are saturated with newbie entrepreneurs yearning to say goodbye to lining the pockets of fat cats, in an effort to go it alone and make a name for themselves within a competitive sector. If you’d like to venture into the world of self employment, but you don’t fancy the rivalry, you need to find a new niche to tap. Sourcing a field that is ripe for investment is tricky, as tapping a bespoke target market is more difficult than launching yourself in a standard industry. Would you know how to launch yourself as an entity in the world of ball bearings? Probably not, but get it right and you could have a monopoly on a niche.
The car industry is larger than ever, as people are keen to shun the gas guzzling SUVs in favor of more environmentally friendly hybrid vehicles. While you can’t set up an automobile construction plant and create your new car, you can import components for cars that can flaunt their eco-credentials. Quality is massively important for those companies who are household names. Audi and Lotis, for example, will use products that are made using eqc’s powder coating such as windscreen wipers. Others only use metal fixtures from sustainable sources. If you are keen to provide parts to the automotive industry, then you can investigate those that are harder to source, allowing you to fill the gap.
The amount of people who are wanting to plan their own travel itineraries has shot up in recent years. While some people still choose the family package holiday, more are deciding to self-plan. There is a massive gap in the market for those providers of bespoke travel itineraries to meet the needs for those individuals who want to veer away from the generic template of a guided tour for something more personalized. If you are an avid traveler, have great organization skills, and adore the art of planning, you could create bespoke travel plans for individuals, couples and families.
Street food and authentic cuisine has never been more on trend for businesses. While foodie chains are still popular, there is a more of a hunger for the more authentic grub. If you are a whizz in the kitchen, you love cooking and you’re eager to get your food out to the masses, why not whip up a gazebo at a food festival and get selling. You’ll need to adhere to food safety standards and practice your menu on your pals, but this could be your chance to follow a passion and make money from it. Forget the corporate world and embark on a culinary adventure. If you can bring something new to the scene like vegan Trinidadian food, or Indian-Mexican fusion tacos, you’ll stand every chance of success.
Finding a niche is key to being successful in entrepreneurship and seeing your startup thrive.