When it comes to business, there are lots of niches in the market. A particular niche or supplier’s size is based on the size of the market.
What is a niche and who is a niche supplier?
A Niche is the part of the market you focus on, which have a specific service or product. A niche is a small group with unique needs. For example, in the market of fashion, a niche in it can be men’s wear or clothing for outdoor events.
A supplier is individual or business entities that make provision of goods or services to other individuals or organizations.
There are different kinds of suppliers we have in the market; the manufacturers (those who produce and sell in bulk), the wholesalers (those who buy from manufacturers and sell to the lower chain of market consumer distribution), the distributors (these individuals or organizations act as middleman between the manufacturer and retailers).
Let’s look at a Top few Niches 2024-2025 and Health and Wellness Market
- Health and wellness market: the market size according to research is $4.3 trillion, and it is expected to reach $12.9 trillion by 2031.
What is health and wellness all about? It is an industry or market that sells products that improve customer’s health and well-being. It involves areas like sleep, physical exercise, emotional exercise/wellbeing, etc.
There are different niches in the health and wellness market. They are bodybuilding, diabetes, medical consultation, skin care, weight loss, meditation, gym, sexual health, etc.
How do you start in a health and wellness market with any of its niches?
• First of all, know your niche in the market.
• Study about the niche in the global market and also the local market.
• Get a vision/mission and develop a simple business plan.
• Know your products/services
• Register your business and get the necessary certifications.
• Launch into the market.
• When launching, don’t forget about branding, it is important. The logo, business name and visual elements, must be well established with strategies.
• Get an online presence – social media engagement and a good website ranked well by google in search engine
• Draft and implement an effective marketing strategy.
• Do not forget to always carry your team along and choose a team that can bring diverse skills. In other words, hire the right person (with technical knowledge, able to teach new hires, that ispassionate, etc.)
• Manage your growth and scale the business up. Note that the first 3 years of a business is a complete struggle. Be consistent with it and you will reach the top
• Partner with other business-related because it is a catalyst for growth.
Some suppliers
• Amazon ( for wellness products)
• Fullscript (for herbal supplement)
• Davinci Laboratories (for dietary supplement)
Some Nigeria local suppliers
• Finelib (Nutritional supplement)
• Greenworld (Natural supplement)
You can do research more carefully about suppliers.
2. Personalized products is the next market, we will be looking out. It consists of jewelries, home décor, apparel and gifts. There isn’t much on the market size according to my research but it is expected to be $53.95 million by 2032 from 2024. So between 2024 and 2032, its growth rate will be 6.5%.
What is the business all about? It involves engraved jewelry, monogrammed clothing, home décor products, customize phone case, wrist watch, wallet, etc. They are categorise into men’s need, women’s need, children’s need and general or unisex.
Suppliers in the global market involve
• Amazon is the only company I can fully recommend, maybe because it is the only tested company I have tried.
How to start this business
• First of all, know your niche in the market.
• Study about the niche in the global market and also the local market.
• Get a vision/mission and develop a simple business plan.
• Know your products/services
• Register your business and get the necessary certifications.
• Launch into the market.
• When launching, don’t forget about branding, it is important. The logo, business name and visual elements, must be well established with strategies.
• Get an online presence – social media engagement and a good website ranked well by google in search engine
• Draft and implement an effective marketing strategy.
• Do not forget to always carry your team along and choose a team that can bring diverse skills. In other words, hire the right person (with technical knowledge, able to teach new hires, that is passionate, etc.)
• Manage your growth and scale the business up. Note that the first 3 years of a business is a complete struggle. Be consistent with it and you will reach the top
• Partner with other business-related because it is a catalyst for growth.
How to find and verify reliable suppliers
• Make research by checking for their certifications, reviews and ratings.
• Personal test their product (do not sell but use it personally or a close person who need it) before buying in bulk for sales.
• Cross-check their shipping terms.
• Always negotiate price and see bulk discounts
What niche do you want to talk about? Share your thoughts