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Rather than trying to be all things to all people specialising in a particular market segment can be very effective. And you’d be surprised at how a seemingly small niche can be successful.
This was really brought home to me recently when preparing for my new puppy (yes, that’s him in the picture, with cream on his face!).
The last time I went shopping for a puppy was 8 years ago, and things have really changed since then.
Now you can buy a whole range of toys specially designed for puppies, and they look just like baby toys – they even come in soft pink or blue! For those of us with a chunky robust breed luckily there are toys that are slightly more indestructible.
A whole section of the pet shop was dedicated to toys for puppies, which demonstrates just how profitable they must be. I believe this is probably because dog owners look at a puppy just like a new baby, and of course they want to spoil it. Clearly the manufacturers have come to the same conclusion!
So when considering a niche for your business don’t discount an area that may seem too small – do your research – you just might be surprised!