Rise of niche markets gives way to entrepreneurial opportunities

4/26/2011

Over the recent years, it has become increasingly more feasible to specialize in certain markets - this gives the entrepreneurs a less competitive arena to sell his or her products or services. Business owners need to be aware of these niches as they expand or create new companies and maximize these entrepreneurial opportunities.

"It's difficult to say which one is the egg and which is the chicken: Have entrepreneurs taken advantage of niche opportunities presented to them, or have they carved out niches while pushing the envelope of an industry? The answer is not either/or, it's both/and," explains Nasdaq writer Jim Blasingame.

For example, entrepreneur Rebecca Boenigk recently carved out a niche selling ergonomically correct office chairs. Rather than producing all sorts of office furniture, she developed a reputation for making a specific piece of furniture that accomplishes a certain goal.

Identifying these niches are key. Business owners should start big and then work their way small if they want to discover which niches they can fill. For example, if an entrepreneur's company offered marketing services, they may want to consider becoming Facebook specialists.