Operating an industrial and hydraulic hose replacement business puts you in a niche market, and that’s a good thing. Sometimes being part of a smaller market is portrayed as a negative option and is used to discourage new business owners from investing in a niche market business.
In reality, having a business centered on a very specific customer need is often highly successful. The needs of PIRTEK’s customers are very focused, but the demand for our services is constantly growing. Keep reading to learn more about why a niche market business is good for you and your customers.
Niche Market Does not Mean Small Profits
Knowing your market and your customer needs are essential when it comes to making a franchise successful. Being part of a niche market may seem like it limits your potential to develop a customer base and grow your business, but nothing could be further from the truth.
Instead, it gives you a chance to stand out from the crowd in a multitude of ways. You will be able to learn your customer’s needs and wants thoroughly, and you will be able to focus more on those needs than businesses in larger markets.
Your customers will learn to rely on you for your expertise and the value you add to their businesses. The more you position yourself as an industry leader in terms of knowledge and the services you provide, the more your business will grow and thrive. Being part of a niche market means you have a better chance to be the industry leader your customers look for from the start. So, while your market may be small or niche, it does not mean your potential for profits is limited.
How Does a Hydraulic and Industrial Hose Replacement Service Business Thrive?
PIRTEK’s focus on hydraulic and industrial hose maintenance and replacement services qualifies as a niche market. However, the demand for our services is growing exponentially within that market. The global hydraulic hose market is expected to reach an astounding $2.85 billion by 2027. As industries like farming rely increasingly on technology to complete day-to-day tasks, the demand for what PIRTEK does will also increase.
The need for hydraulic and industrial hose replacement on pieces of machinery like farm or construction equipment is not going anywhere. While the economy is becoming more challenging for most businesses, they will need to continue using their current equipment instead of buying new ones.
When a hydraulic or industrial hose fails, businesses will need the services you provide as a hydraulic and industrial hose replacement business owner. They’ll need you to arrive on-site and replace the failed hoses on their equipment so they can get back to work as quickly as possible. The continued ability to use what they already have will remain essential for PIRTEK customers to keep their doors open and their companies operating.
PIRTEK Mobile Franchise Owners Have a Niche Market Already Built In
It’s clear that being part of a niche market can be a beneficial and profitable way to operate a business. PIRTEK franchisees get those benefits without developing a name and reputation on their own.
We have already positioned ourselves as an industry leader as each franchise provides knowledgeable staff and fast solutions to our customers whenever they need us.
We’ve spent more than 40 years learning about the hydraulic hose service industry so we can pass that knowledge on to our franchisees to help them grow and thrive in their communities. Our franchisees don’t have to come from a background in hydraulics to have a successful business.
PIRTEK has a franchise model that includes comprehensive training and support through all steps of growing the business. With the type of training we provide, you can take full advantage of being part of a growing and niche market.
You can benefit from being in a niche market by owning your own PIRTEK mobile franchise company. Contact us today to learn more!