Niche Business Ideas

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Niche business ideas are those that are not mainstream, but are sub-categories of main ideas, such as a child-friendly restaurant. Get ideas for a business geared towards a specific group of people with help from a management teacher in this free video on business.

Part of the Video Series: Running a Business
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Video Transcript

Hi, my name is Mark and we are going to look at niche business ideas. Niche business ideas mean business ideas that aren't main stream. They are ideas that may be a spin off from a main stream idea so maybe if we looked at the restaurant business we could say restaurant is the main business but maybe the creation of a baby or a child friendly restaurant of section within the restaurant could be a niche idea. So its a sub idea within a main idea. Why niche businesses are good is because they add businesses added value. They create added value. They create new developments to an existing idea which keeps people interested. So when you think about niche ideas, they're not necessarily money spinners immediately but they might be added value. Niche business ideas are many and they sometimes seem a little bit to the left of sense or little bit off the main drag of things but there is no reason why they can't develop in to main line businesses in there own right. What your looking at, at the moment, is a niche idea that is developed in to a main line idea for example. So historically when people want to find information out they would go to a book or a dictionary or an encyclopedia, now with the development of technology people can just click a button and see and have information directly sent to them. So there are many, many things that can be developed. But the main thing to remember is a niche idea, a niche business idea can be developed in to a main line idea but its main asset is to add value to a core business activity.

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