COMPETITION – A good thing!

Many small business owners give up or never even get started because of “competition”. I frequently hear comments such as: “Someone else is already doing it,” or “My idea is not brand new”. Another one I hear a lot is “there is too much competition out there.”

In my opinion, competition validates you and your business ideas. Your competition has proven that there is a market place for your product/service. You know who your target market is as they are already purchasing your product/service. In most cases they will be receptive to a choice. It’s much easier to approach a prospect with another option for an existing product than to convince them of the benefit of a totally new product which they have not used before.

Another thing to remember is the fact that there are approximately 7 billion people in the world and no matter what your product or service is, there are more prospects in your target market than you will ever have time to reach.

Because you know there is competition which, in many cases has taken their customers for granted, you can focus on your value proposition and with a little effort, offer a better and more effective product/service. The internet makes it easy for you to find out what your competition has to offer and allows you to differentiate yourself by offering something that they don’t.

There are a lot of good reasons not to start a business or even to close a business; however, having competition is not one of them. Even if it’s Amazon you’re up against.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack