Creating a small monopoly is what every business wants, however monopolies are very rare and your business niche may already have quite a few competitors selling similar or the very same product, so product monopoly is out of the question.
The best option in such situation is to differentiate your business the right way.
Differentiating your idea can increase your business dramatically, you can even create your very own micro-niche which would set you apart from the rest in terms of competitive markets.
Small business rely on many forms of advertising, online and off-line.
Each method has many effective ways in which your business can be promoted.
When you set your strategy which will set you apart from the rest of the businesses you create a strong brand and increase your chances of success.
Differentiation is all about telling your clients what is it that you are best known for, are you the fastest? the one which offers the best prices? or perhaps the one which offers the best service for X and Y reason? If your business falls in any of those categories or is able to differentiate itself because of another characteristic, be sure to tell people about it and even include it in you logo if possible.
When you are brainstorming ways to differentiate your brand and business make sure to avoid useless phrases such as "the best" or "the one with the best reputation" instead of using such phrases try to figure out a way to explain why is it that you are the best, try to keep things quantifiable and not abstract, telling people you are the best does nothing for anyone.
Using a punch line such as "We offer the lowest costs without sacrificing quality" is better than just telling people you offer the best or the cheapest.
Remember to provide a benefit in your differentiation message, telling people that "You are the best" will do nothing unless you attach some sort of benefit to it.
You can come up with several ways to differentiate your business from the rest, if you do make sure to test them all to see which one works best.
If someone is inspecting/reviewing your business sector make sure they know why is it that your business is different, this will be of great help when it comes to your marketing strategy which can be executed online, off-line or even better through both advertising methods.