Part 3/8:
Step 1: Choose a Low Competition Niche
The first step in this entrepreneurial journey is to identify a niche with low competition. Research on platforms like Etsy reveals that many successful candle listings target specific customer bases, such as friends or mothers. Finding a niche that provides little existing competition can dramatically increase your chances of success.
For instance, analyzing various niches may reveal that while popular sports like pickleball have numerous related products, lesser-known sports like handball have a lack of available gifts. This insight can allow candle creators to fill market gaps effectively.