Before you think about getting your feet wet on the corporate world to launch your startup, it is inevitable that proper research about the competition, returns, and time for returns for the investment is a must. You will notice major players dominating in almost every niche and still startups give them a strong challenge to survive in the industry. Some of the startups have gone so far quickly that major players had no option left but to get into negotiations to buy them out to retain their clients completely. Recent example is the heated negotiations between Tech Mahindra and Mindtree. Either way, if you are a startup who is getting offered by a big MNC, it signifies that your company is doing really well to outcast them soon.
Let’s see some of the niche market which has most competition yet they give good returns-
1) Information Technology
Literally everything that we use or see is a piece of code programmed in some or other language. Be it withdrawing money from ATM, to paying money, your television, radio, mobile phones, hair trimmer, most of the things we use are part of Information technology. Major clients definitely dominate in this niche market but startups having good talent pool give a good challenge to them.
2) Hotel and Travel Industry
People cannot ignore their vacations after a week of hectic schedule and hence travel and hotel industry will always be in boom. Some people also use search engine kind of algorithms to provide cheap hotel bookings and cheap travel bookings by extracting data from all the websites which provides those services. Customers using those applications get to know the difference in prices instantly and that’s where it works.
3) Share market agents
If you have sound knowledge regarding share market and can help clients get some return from their existing shares, this might be a good niche. Many startups have started implementing this and they get good returns and customers also feel happy as they don’t have to spend time looking out for updates every 10 minutes. The companies take care of everything they think will benefit the customer.
4) Search engine optimisation
Now what is this search engine imitation? That is used to help websites, blogs or channels rank higher on search engines like Google. Who would not like to get the most visitors and sales? Companies providing seo services are in boom as well. They use various techniques to help grow the websites and get good returns as well.
5) Local food supplies
If your startup is providing food supplies to whole-sellers or retailers, then you are in a niche that can hardly stop. However, people get a variety of options for the same food item and hence they look for two important things- quality and price. If both are in the range an average class family can afford, your product will sell like anything. In Canada, retail stores like Freshco, Canadian super store or even Walmart sells local food products sold by various startups. If you have some idea about a food item that can be delivered well in the market, why not try it.
The above are some of the competitive niche market for startups to even think about getting into it, but on the other hand if you see the returns; it might help you get into them. It needs some research about existing companies, their returns etc to give you a clear picture of where you will stand after 2 years of launching your own startup.
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to firstname.lastname@example.org