Niche Business: Start By Identifying a Need

T he most successful solopreneurs I know are the ones who serve a well-defined niche. And step one in building niche businesses is identifying a need.

Here’s an example of how it works.

The Need: Fast replacement of a broken iPhone screen
The Business: On-site iPhone repair and replacement.
Last week my oldest daughter, a sophomore in high school, dropped her iPhone on her bathroom floor, and the screen broke.

She needs to have it fixed, because the iPhone insurance covered the replacement of only two phones, and she’s on her third. Mailing the iPhone to a company like iQueRepair is an option, but my daughter doesn’t want to be without her iPhone for the several days it would take to get it back.

Fortunately, there’s a boy in her grade who saw the need for iPhone repair and is meeting that need.

It Sure Beats Working at the Movie Theater

Our young solopreneur charges $45 for the replacement glass and $15 for installation. iPhone screens can be purchased for $15 to $20, so he’s probably making at least $35 on each repair, which take him less than 1 hour to perform.

If he replaces three screens per week, that’s $420/month, and he spent 9 hours doing it. He would have to work 56 hours at the local movie theater to make $420. So not only has he made $420, but he’s given himself 46 hours.

The young solopreneur has a good thing going, and his customers are thrilled.

That’s niche business at its best.

What About Your Niche Business?

If you need help identifying and building your niche, complete the form below and I will be in touch soon.