How do I find a good niche product for 2017?

Finding a niche is one of the hardest things any potential retailer can do.

You need to do a whole lot of research and learn. Start with product categories that you are familiar with. Maybe you are passionate about cars? What do you, as an enthusiast want that you can’t find in stores? What problems exist that could be solved with the right product? What product is available now, but everyone is using it for the wrong reason, or maybe it would solve a problem or fill a need that people don’t see yet? Maybe some product is available now that only professionals use, but could be easily sold and used by the everyday consumer with the right instruction manual? Be creative.

Once you have reviewed your preferred category apply these same types of questions to other product categories. You use the personal knowledge you have to identify problems and potential solutions for those problems. You look at retail product assortments and think about what products you would like to see, but are missing from the shelves. Maybe you go to the store one day to buy some hardware item. You want 4 or 5 pieces but the store wants an extremely high price per 5 pack, say $5.00. You know if you bought 100 pieces you could get them for $0.25 each, but you don’t need 100 pieces. Maybe other people feel the same way. Build a niche by buying hardware in quantity and repacking into consumer friendly sizes. Instead of the retail price of 5 for $5.00, you could offer 5 pieces for $4.00 and still make a very nice profit.

There are many categories where you can buy bulk quantity and repack and make a large profit margin. Hardware, office supplies, packing materials, electronic cables and connectors, even stuff like laundry detergent.

The point is, buy in bulk, repack, and resell for a large profit. Retail theft-resistant packaging is expensive. Use a heavy weight plastic bag and you keep the profit.

So just keep your eyes open, learn about the competition and what is going on around you in the world of retail and find your profitable, low competition niche .

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