Forbes recently ran this article, “This Entrepreneur Raised $600 million to Disrupt a $13 Trillion Industry”, which is about an entrepreneur that was able to raise $600 million for various startup businesses to compete in the financial services industry. A surprising fact about the article was not how much money the entrepreneur was able to raise, which seemed to be the jist of their focus. However, the impressive aspect of the article was that the entrepreneur was able to compete in a saturated industry, banking, by exploiting niche markets.
Exploiting niche markets has been a poorly kept secret of small business owners entering new markets since capitalism became a trend thanks to Adam Smith and the “Wealth of Nations”. Fortunately, the banking industry is not the only game in town ripe for exploiting niche markets. Quality Business Plan’s professional business plan writers claim that there are other industries, such as restaurants and elderly care, that have excellent niche market opportunities as well for hunger entrepreneurs.
Restaurant Niche Markets
When most people think of the restaurant industry, chain and mom and pop restaurants often come to mind. However, there are a multitude of other possibilities for startup entrepreneurs in the industry. An excellent example would be food halls. Food halls are independent locations where a multitude of food vendors, often 15 or more, set up shop and offer their delectable cuisines. Vendors at these locations offer popular American foods, such as hamburgers and hotdogs, Italian cuisines, such as pizza and cannoli’s, as well as cupcake shops and Chinese food offerings. The objective of the food congregation is to attract hungry customers to a centralized location and the compete for their hard-earned dollars.
As an entrepreneur, the niche market from this discussion would be the actual food hall itself. As the saying goes, “build it and they will come”.
Elderly Care Niche Markets
Traditionally, older loved ones often seek refuge in tight-knit communities, such as nursing homes, for daily care and to meet their socialization needs. Recently, a new trend has been entering the elderly care market, which is adult day cares. Our business plan writers have found that adult day cares will pick up elderly family members, offer warm meals throughout the day, and even transport their visitors to local shopping locations or medical visits. In the evening, the elderly care facilities may even drop off their visitors at their homes.
The service has become immensely popular because family members caring for the elderly often still have kids to care for and full-time jobs to work. As baby boomers continue to age, this niche market service may become mainstream. In other words, this niche market opportunity is prime for exploitation.
Most aspiring entrepreneurs would almost certainly overlooked startup opportunities in the banking sector. However, based on a Forbes article, even this industry still has niche market opportunities for small business startups. To build upon this thought, other mature industries may have niche market opportunities, such as the restaurant industry and elderly care markets. The examples provided were just some thoughts and ideas from our business when writers as to how these industries may be entered using niche market opportunities.
Author: Paul Borosky, Doctoral Candidate, MBA., Author