In this article I’m going to define what a niche is and how to identify one.
According to Merriam-Webster dictionary a niche is a place, employment, status, or activity for which a person or thing is best fitted.
There are so many publications about how crowded the trucking industry is and how many trucks are on the road.
I pulled data from the American Trucking Association which reads:
According to the U.S. Department of Transportation, as of May 2019, the number of for-hire carriers on file with the Federal Motor Carrier Safety Administration totaled 892,078, private carriers totaled 772,011 and other* interstate motor carriers totaled 84,930.
* ‘Other’ motor carriers are those that did not specify their segment or checked multiple segments. All other categories were excluded.
- 91.3% operate 6 or fewer trucks.
- 97.4% operate fewer than 20 trucks.
that’s enough to make a grown man cry.
That is, if you’re that grown man or woman looking into starting their own trucking company.
However, with a bit of meticulous research you could find a niche that you’re able to serve and serve well. I personally define a niche as a sub-market that has not been targeted heavily due to the questionable potential of growth. If you’re like me and are willing to take calculated risks then a niche is right up your alley.
Think about it, every major market was a niche at some point. Someone had the courage to embark on a journey of dubious success. Why shouldn’t it be you?
Walt Disney is an entrepreneur and pioneer who comes to mind in the American animation industry as I write this paragraph.
Trucking is a major industry in the U.S. which is full of opportunities awaiting for your arrival.
I suggest going to NAICS.com to locate the type of industry you’d like to target. Gather hard data to identify the feasibility before investing too much time into it. We as entrepreneurs know time is money and we need more of both.
Understandably, it may prove more difficult to gather evidence of viability due to the limited participants.
Collect what you can and start small with surveys of buyers in the market.
Most people are willing to share their opinions with you with the promise of making a difference.
I will touch base more in upcoming articles as how to build custom surveys and how to approach prospects in an unorthodox successful way.
For now, find a niche and own the Day!