There has never been a better time to be a woman in business today. Communities of smart and ambitious women around the world are helping fellow female entrepreneurs strike out on their own. If you want to join the fray and start your own business today, here are four exciting niches that you can try.
Female-run businesses
Starting a business as a woman today is wildly different to how it was twenty years ago. Traditionally male-dominated industries have opened their doors to women, and not just as junior or mid-level roles.
In the first quarter of 2018, women made up 31% of new board directors in 3000 publicly traded firms in the US — the highest percentage in at least ten years.
With powerful women becoming increasingly visible in business, the effect has slowly permeated other industries and enterprises. More and more women are starting businesses selling new and innovative products and services, aided by the plethora of crowdfunding platforms and women-only support groups such as Women Who Start Up.
There is still headway to be made for women in business — but there is still a lot that has already been achieved.
STEM-related niches
Policymakers around the world are placing a greater emphasis on women in STEM industries. As schools, governments, and workplaces implement initiatives to increase the number of women in these industries, we can expect to see the business world following suit.
For example, we will soon see whole generations of young female minds looking to experiment with science, electronics, and maths. You could create an online coding course for girls, or run a STEM blog with the aim of helping pre-teens discover science, technology, engineering, and mathematics at a beginner level.
Whatever you decide, your angle should be by women, for women. Making the world of STEM an inclusive space starts by creating avenues for young girls to explore the industries and feel part of it, not excluded by it.
Pets
The pet industry is one of the oldest industries out there, and given our perpetual love for our furry friends, it shows no sign of dissipating.
One need only look at the growing number of pet shops available online to show that the industry is not just alive and well — it’s also very profitable. But while the industry might seem saturated, it’s one that offers a wide scope for niche stores.
For example, there are plenty of general dog or cat stores. But how many online pet stores do you know that cater for capybara owners? Or bearded dragon lovers?
Many women are finding their own niche in the pet industry. With so many different pets owned by so many people, you will easily find a niche that generates a loyal customer base that returns to your business time and again.
Health and fitness
Look at any well-known social influencer operating in the health and fitness industry, and you’ll find that most of them are women. It’s an industry that attracts women (and men) who want to better themselves and become healthier, both mentally and physically.
However, many women seek exclusive spaces which they can feel comfortable in — the rise of female-only gyms is testament to that. Consequently, health and fitness businesses run solely by women are becoming increasingly popular, both for customers and entrepreneurs.
It’s an industry that offers plenty of business opportunities. You could go for a simple affiliate review site, providing reviews of a range of health and fitness goods. Or you could simply pick up an existing online business and turn to dropshipping health products for a profit. You could even start your own YouTube channel providing personal training videos aimed specifically at women.
It’s a competitive market, but it’s possible to find a new angle that resonates with customers — it just takes time and effort.
Jewelry
Jewelry is a profitable industry, with the market expected to grow by 2% year-on-year.
Of course, jewelry is another industry that has been around for years. But the niches offered by it have changed.
For example, the jewelry subscription box niche is increasing in popularity. With boxes ranging from as little as $7 on the lower end of the scale and as much as $25k per quarter in some places, it’s a profitable niche. Its popularity lies in product curation, the excitement of opening a Pandora’s box of beautiful rings, necklaces, and brooches.
And as with so many industries today, the increasing spotlight on global warming and sustainability is spawning a plethora of environmentally-friendly jewelry businesses. More and more, we will find eco-conscious consumers demanding jewelry that is ethical and sustainable — a profitable niche that women can take advantage of.
It’s often said that there is nothing new under the sun, and that’s probably true in the world of business. But what is new is how we approach what is already there. Find a new way of approaching existing industries and put a fresh spin on an old business, and you’ll find a lucrative niche that will work for you.