How to Identify a 10 Crore Niche Market

Probably the most critical skill an entrepreneur can develop is identifying and going after a niche that is at least reasonably profitable. 

Now, when I say how to identify a 10 crore niche market, it’s not about trying to go after the biggest pool of customers. 

It is simply zooming in on a specific underserved segment and solving a real problem.

Many business projects start by trying to dominate the market. 

They want to be the next big thing in every imaginable line of business, and this is where they go wrong. 

The bottom line is that a niche market in India must be found and then conquered. Whether you are a first-time entrepreneur or scaling up, clarity of exactly whom you are targeting and why will greatly amplify the potential for success.

Let us now go step by step, and I will show how to build a successful business of 10 crore from the identification of that golden niche.

What Is a Niche Market?

A niche market simply stated is a smaller segment of a larger market. 

It’s comprised of those who share unique needs, problems, or preferences not fully met by the larger players in the market. 

Take the fitness and wellness industry as an example. Here, instead of trying to appeal to everyone seeking some form of better health and wellness, you can create a niche by focusing on post-natal women who want to get fit through holistic yoga and wellness programs. 

That is a niche – a focused, high-potential group within a very much larger industry.

Now, the beauty of a niche is that it provides you with the perfect environment for developing highly focused products or services in which your competitors are likely to miss. 

It allows you to grow into the solution in one particular, profitable corner of the market.

Define Total Addressable Market (TAM)

First, you want to understand the big picture: Total Addressable Market, or TAM. It’s a high-level term for total demand for a product or service within an industry. 

But here’s the thing: you cannot possibly go after the entire TAM from day one. 

TAM in the fitness and wellness industry in India is enormous. Gyms, fitness centers, yoga studios, wellness retreats, and online fitness platforms are booming. But you can’t serve everyone. 

So, you have to slice it down instead of serving each person who looks for a good fitness solution. For example, you could create an online fitness program specifically targeted for a working professional who’s too short of time to exercise but wants to keep himself healthy.

By narrowing your focus you make it much easier to get a foothold in the marketplace.

Serviceable Addressable Market (SAM)

Once you have defined the larger market, you need to narrow it further down to what’s in your reach-the SAM. It’s that portion of the total market you can realistically target with your current capability, geographical reach, and resources.

Though the aggregate SAM for fitness services could be sizable in India, your SAM may be much more well-defined. 

It could be a launch product, such as a women’s fitness program for urban areas, possibly for a 25-to-40-year-old customer seeking straightforward, home-based workout methods that produce quick results. 

Then this product could be something like an online subscription service for short, guided workout routines, which could be done with the minimum amount of equipment.

You don’t want to cater to every fitness freak in India. You’re focused on a segment that you can effectively target and service right now, given your expertise and available resources. 

Focus in on your SAM to help your business strategy stay less diluted and more focused, where chances of success will be maximized from the very beginning.

Drill down to your niche of 10 crores

Now that you have your SAM, it is time to get a little bit deeper and identify what niche within that space it is that holds value for you. You do not have to settle for yoga for working women, for example. Let’s dig some more. 

Are you targeting yoga for beginners? Yoga for stress relief? Or maybe you are targeting yoga to be specifically for the post-natal recovery. All these are sub-groups of your SAM, and here’s where the real opportunity lies. 

For example, this is a massive underserved niche when you are going to offer special services catering to new mothers trying to get back in shape. 

Now you have seen a niche that is very specific and that can, with the right approach, actually scale up into a 10 crore market within one city alone.

This segmentation of your market is essential whether you are in a niche like fitness, technology, healthcare, or some other field. It is about finding that one niche area where you can become dominant and make a difference.

Validate Your Niche: Test the Waters

Okay, so you’ve got a niche in mind now. Fine. Before you leap into the deep end, you’d better validate it. In other words: Is your niche really viable? Are there enough people for what you’re offering? Will they pay enough to make it a 10 crore opportunity?

Start by looking very closely at your competition. If you are targeting post-natal yoga programs to provide to the women, find out who already provides such services. Where do they do well and where is the gap? Are you going to offer a more convenient or more tailored alternative? 

Don’t rely on instincts. Consult with your target customers, conduct a survey, or gather as much information as you can. The more you understand your niche, the better you are at satisfying it.

Scale Up from Your Niche

Once you have pinned down your niche, say post-pregnancy yoga for women in any particular city, what do you do? This is where most businesses think big but smartly. You don’t jump into new markets blind.

Scaling up comes in after you have established your credibility in your niche. For instance, after establishing such strength in post-natal yoga, you can now go ahead to consider the addition of other areas, for example, prenatal yoga, yoga for women over 50, or even fitness programs tailored to corporate wellness initiatives. 

The point is that you already have built up a reputation in the niche. Thus, entry into new areas of business is more manageable and less risky.

Cross-Industry Application of Niche Strategy

This process is not bound to just one industry. You can give it a try in just about any sector you would like. 

Suppose you are in the education business. Instead of trying to corner the whole market for e-learning, you can try to create niche courses for professionals in an extremely specific sector – say health or technology. 

The opportunity for carving out niche markets within a much larger sector in India is huge.

It is pretty much the same for whatever industry: zoom in, narrow down to a small market, and dominate it before you think about scaling it up.

The Power of Niche Markets

In a more saturated business world, today, knowing how to identify a 10 crore niche market becomes the game changer. 

You do not seem to look for huge, untapped markets but you are smart enough to break it down into smaller, operational opportunities. You focus on well-defined niches; you are positioned as an expert. You build loyal customers. More importantly, you create a pathway for long-term growth. 

Whether it is the next big thing in fitness and wellness or targeting a niche market like India’s for sustainable wellness solutions, the real takeaway is staying focused, providing real value, and scaling strategically. 

The right strategy will translate 10 crore into just one more beginning of much bigger success stories.