How to find a business niche that has little competition

blue ocean business niche

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A dream for any businessman is: a) finding a largely unexplored industry where product could be sold to a customer at 10x or even 100x the original price, or b) finding a sub-niche in a particular industry, that has been ignored for one reason or another by others that one can capitalise on. After all, there is a reason everyone looks for that blue ocean that they could be fishing in.

Finding business niches with little competition in today’s world is tough. Thanks to Mr. Internet information spreads from USA to Australia, and from Norway to South Africa at such speed, that you may come up with an idea one day, and next you see its clone in another market 5 days after you have just launched.

So, how do you find a niche that you can truly capitalise on, and that your counterpart in India, China or U.S. hasn’t explored yet?

While it is certainly not easy, it’s not impossible, even in today’s global economy.

Resources and goods

Natural resources and produced products can be specific to particular countries. You may argue: during normal times (so, excluding the 2020 COVID-19 crisis), I can order anything I want from anywhere in the world, and I will receive that product within days. However, everyone is always competing for lower prices, and if you have access to a source that has such resources or to a factory that is producing goods at very low price points, there is nothing that should be stopping you from selling those in countries where purchasing power is 10x higher.

Example) You may be in Morocco. Morocco is known for its fresh fruit and argon oil. While fresh fruit may not get you the best profit margin (unless harvested and shipped at scale), argon oil could be sold at fairly high price points in the West and the East. Find an argon oil farm, talk to the owner, strike a deal, set up shipment and an online store in the UK – and half of the work is done!

Things to watch out for

Make sure that you study the market like you have never studied anything before in your life! It would be a shame to go through all the above trouble, and end up setting up a 256th online store in the UK selling argon oil…

Your skills

Nowadays, it has become almost mainstream to brag about a skill that you have learned from online courses, gurus, etc. However, all jokes aside, you could combine these skills into packages that you’d then sell to customers.

Example) There are hundreds of web designers offering their services on different platforms. But, what % of those designers also knows how to implement affiliate links from Amazon and/or Google Ads tracking code into your newly built website? And what % of that % knows how to set up a chat-bot with Facebook to be incorporated into this website? Lastly, do they even know how payment gateways work to process payments at a later stage???

Learn 2-3 skills, specific to the problem that a certain group of people faces, combine those skills into one package and offer it to that group of people. $$$

Unique jobs

One of the most inspiring stories that I have read on Reddit, was about a guy who started a business…washing huge IMAX screens. GENIUS, right?! High profit margins, low kit costs, and easily scalable (at least at the time), as no one else was providing that service to local cinemas.

What can you take from the above story? Listen to people and their problems. Find those first adopters. Offer a service or a product to them that they seek. Get negative feedback. Improve. Offer a better service. Scale.

Jobs that no one wants to do

Have you ever climbed into a sewer? Unplugged a toilet? Nasty, right? Well, if you don’t want to get your hands dirty, someone else might. And that someone else will charge you a hefty sum for it.

There are always jobs that “ReguLAR PeoPLE” will try to avoid. Capitalise on that, and become known as the specialist in this field. So what if it stinks? Money doesn’t stink. Not. One. Bit.

By the way, any spider-catchers here?

Niche in a niche, in a niche, in a niche…

You may be dreaming about starting a new Facebook or Uber, but everyone STARTS SMALL. Look for small communities that may use your products first, and only then expand. Don’t look for the next gold-rush, bitcoin or internet alternative.

Everyone starts small.

Everyone copies.

Only the smart, cunning ones survive.

Good luck.

P.S. Here are some examples of niches that you could explore, including the ones we explored above (I had fun with some of these, but so can you – let your imagination run wild):

  • Cleaning cinema screens
  • Cleaning sewers
  • Cat walking
  • Waste removal
  • Factory cleaning services
  • Thumbnail design for YouTube videos
  • GIF-generation specific to each business
  • Chat Bot agency
  • School of Coding for children

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