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5 Steps to Creating a Profitable Niche for Your Small Business

Focusing on untapped niche opportunities is often the best approach for a small business. Success is easier to attain if the small business focuses on a more specific and smaller area of its target market, especially during the start-up period, instead of covering the entire spectrum of a particular market. Today’s business environment is so competitive that a cash-strapped small business best bet is to focus on developing niche products where competition from large firms are not nearly as large.

Take the online auction market. With the market dominated by the giant company eBay, smaller start-ups are specializing and concentrating in a specific segment that the big players may not be serving well. There’s Playle.com focusing on the online trading of vintage postcards, stamps and other collectibles. Bid4parts.com is an auction site for automobile, parts and accessories. Bidz.com specializes in jewelry and accessories. PotteryAuction.com deals exclusively with potteries. WineBid.com is an auction site for rare and fine wines.

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