There are endless types of business ownership to explore as an aspiring Black business professional, including the following ten niches:
Many aspiring professionals in the Black community need to update their skill set. If you’re trained in this area, you can monetize your abilities while contributing to your community. Better still, this type of business requires minimal start-up capital. Entrepreneurs in this field can also lecture on the subject, visit workplaces, and offer on-site training.
Black hair has different characteristics than non-Black hair, making this a lucrative market for budding entrepreneurs. Depending on personal taste, you might offer products that help maintain curls or sell straightening agents and relaxing agents. Eco-friendly products are particularly in demand and are an excellent way to find a niche within the hair industry.
Consultants provide businesses with specialized services in a variety of areas, from project management to graphic design, to human resources. This niche is well-suited to people from Black communities who possess management-related experience. Because this type of business can be home-based, start-up requirements are low. Additionally, the consulting industry carries a high capacity for growth.
The fitness area continues to expand, and fitness centres have proven to be a lucrative business venture. The first step is deciding whether you want to own a franchise or open your own gym. While a franchise requires more of an investment up front, a lot of the guesswork is taken care of. There are pros and cons to each approach. Ultimately, it comes down to personal preference.
The pandemic aside, people will always need to eat. Some speculate the restaurant industry will boom this year, making this an ideal future business idea after 2020. Whether opening an actual brick-and-mortar store, operating out of your home or selling goods online, there’s money to be made in the food business.
Like food, people will always need clothing. Finding a niche-within-a-niche, like teenagers, babies, or Blackademics, can further increase your chances of success. Opening a brick-and-mortar store will require an initial investment, but with a high-quality product, return on investment can be swift. Of course, online clothing businesses proliferate the landscape and help keep overhead costs low.
If you are blessed with culinary skills, consider starting a catering business. This is an ideal industry in which to start small and build slowly depending on food and staffing costs. Even the smallest Black communities place a focus on gatherings, and therefore, food. This is also an industry built on connections and word-of-mouth, so the business can build up naturally over time.
Graphic Design Businesses
Certain skills are always in demand in the business world, and graphic design is one of them. Regardless of the size of a project, most require design input. Upfront costs include obtaining a design degree or certificate as well as design software, but this job can be fully remote, keeping start-up costs to a minimum.
If you have a love of baking and can access initial start-up capital, opening a bakery is a sure-fire route to success for a Black entrepreneur. In fact, bakeries are considered one of the most successful business ventures within the Black community. It’s also an excellent business to start from home. If carefully managed, food items can yield a high profit. This is another area where finding a niche-within-a-niche will lead to a more successful venture.
Retail Pharmacy Businesses
Retail pharmacists work in a retail setting versus at a pharmacy. They provide prescription and non-prescription medication and offer general healthcare advice. A retail pharmacy is a vital part of any community which makes this a profitable business to set up.
For a list of current events in support of Black History Month, subscribe to Burke’s Bookstore today.