Defining your niche

Do you have a niche product in mind? Now is the time to go from dreaming it to doing it!

From the supply side, you can have an Ecommerce site set up for around $1299 and ready to go in 1-2 weeks.

From the demand side, customers are craving for more “unique,” “hand-made,” and “artisanal” products. While it is awesome that I can buy a shirt at H&M for $14.99, it is not so awesome when three of my buddies show up in the same shirt. People are willing to pay a premium to be different.

Here are some cool niche products that are very popular in 2017:

Matcha

Matcha is a concentrated powder of a specially grown and processed green tea. It has been popular in Japan for generations but it is now reaching celebrity status in North America. There will be more matcha related products to come.

Nootropics

Nootropics are cognitive enhancers that help with memory, creativity, motivation and reflexes. The international sales of Nootropics exceeded $12-37US billion in 2015 and continues to grow rapidly.

Tiny Homes

In this ridiculous real estate market, tiny homes have become super trendy. A tiny house is between 100 and 400 square feet. While jumping into the tiny homes market might be a bit daunting, creating products for these homes could have plenty of potential.

Coffee scrubs

Used as an exfoliate for face and body, this is a product where everybody wins: the buyer gets a natural product, the seller gets to sell the leftovers from coffee shops, and its “no-waste” effect benefits the environment.

Here are some categories for niche products that I think will continue to be successful:

Toronto products

All four Toronto sports teams are doing well. Superstars Drake, Shawn Mendes, and The Weeknd are all from Toronto. There is a lot of pride in the city right now. While the Drake General, Crywolf, and Spacing stores carry neat Toronto memorabilia, their products still pale in comparison to all the “NYC,” “LA,” and “PARIS” products out there.

Geriatric care

Our population is only getting older. Any product that improves elders’ standard of living or helps them feel younger would probably get a good audience. The nostalgic category could do well too.

Accessories

Not everyone can buy $500 bespoke shirts. If you buy $14.99 H&M shirts and want to stand out nonetheless, accessories are key. A lapel pin or a pocket square could easily add pizzazz and style. Many people would spend on a “signature piece” to add to their otherwise cookie-cutter wardrobe. Look how popular men’s novelty socks are.

Superfoods

Health foods will never go out of style. We’ve seen how cranberries, kale, coconut, pomegranate and now goji berries explode into the market. None of these is new. These foods have been consumed for centuries. The difference between the “superfoods” and the more humble foods is just marketing.

Whatever niche product you come up with, it needs to be something you’re passionate about, since running a business requires significant commitment and dedication.

Once you have an idea in mind, contact me for a complimentary consultation! I can help bring your vision to reality. Let's talk!

And, GOOD LUCK!


Leave a comment

Please note, comments must be approved before they are published