Last updated on April 25th, 2021. Posted in Finding Profitable Ideas.
A big hang up for business owners and entrepreneurs is...competition! But you know what? They're aren't as big a threat as you think they are. Lots of new entrepreneurs worry about competition coming along and stealing their valuable ideas...not realizing that ideas are common and not worth all that much.
Here are links and resources mentioned in today's video. Enjoy!
Don't get dissuaded by competitors. The market is huge and there's plenty of room for everyone. In fact, having competition is a strong healthy sign -- it tells you that there's an existing market of real customers who are actively spending money on the sorts of things you and your competition are offering.
In fact, if you have no competition...that's a serious red flag. That means that there isn't a single other business that's currently operating within the same market you're targeting.
Now while you might see this as a golden opportunity -- "Haha, no competition" -- if there's no one else serving this market, then very likely, there's nothing here to be found. In fact, if no other business is serving this market, then by definition, it isn't a market at all!
In other words, there are no customers here who are spending money on the sorts of things you want to offer. Now if you're into Russian Roulette, or betting the entire family fortune in Vegas, or not bothering to look both ways before crossing the street...or jump out of airplanes without a parachute...
...then maybe trying to carve out an entirely new market where one didn't exist before might be about your speed. For the rest of us, business is all about mitigating risk and skewing probability in our favour.
This means going into markets that are already well established and seeking out narrow nooks and crannies that are being overlooked by everyone else. And this is what market research is all about. So, don't worry about competition. Recognize that they're there, but don't fret over 'em.
Don't spend much time worrying about what other vendors are doing. All they're doing is asking themselves, "How do we increase sales?" and making a mess out of their marketing. Instead, focus entirely on your customers, what they want, and then work hard to give that to them.