Want a biz idea? Here’s one: How about starting a niche business serving a huge market, say, the kids market?
Kids market? Isn’t it saturated? Yes, it is. But as long as you can find the right sub-niche that you can dominate, there are millions – even billions to be made.
One example: GoldieBlox.
While many companies are targeting the young female market with dolls, accessories and other girly stuffs, GoldieBlox are targetting girls market with geeky stuffs.
GoldieBlox has the premise that will guarantee a success: It produces engineering toys for girls. The company serves an underserved niche with virtually no competitors.
I knew this product will be successful when it was launched on Kickstarter looking for funding, gathered nearly $300,000 in 2012, the company since then has grown into a multi-million dollar company.
One of their recent commercials, “Princess Machine”, GoldieBlox flexes her muscles, showing what the toys can do, in Rube Goldberg style. Check it out:
Business idea doesn’t have to be cutting edge; even your products doesn’t have to be cutting edge. But you need a great story to tell and product to support that story.
What you need is an idea, a niche that is yet to explore, a well-built product, and a story that represents your target market.