What is a niche Market? BusinessDictonary.com defines it as “A small but profitable segment of a market suitable for focused attention by a marketer. Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.” You can analyse a specific area and see what’s missing to find a niche market.
Whether it’s a product or a service it’s important how popular the niche would be and if the business would have enough custom. You could find niches in a family business, your education background or even your current career.
An example of a niche market would be sendapackage.com, maybe not the best example but it shows it doesn’t matter what it is, as long as it can make money. Sendapackage.com takes out the hassle of sending packages to inmates. A niche market allows you not to spread yourself too thin, it’s easy to become an expert in it, marketing is easier and it’ll be more unique so less competition.