Have you ever used this as a reason not to build a business of your own…There’s too much competition for what I do? Interesting reason for not moving forward, this one really borders on an excuse if you ask me.
If you have used this as your reason not to start your own business let me ask you a few questions:
1. Do you have a passion for what you wanted to do?
2. Have you checked out what “The Competition” is doing today?
3. Do you still have any competition?
4. What can you offer that is a little different, better than the competition?
5. Is there a different target market/niche for you?
6. Can you build a better mouse trap?
The amazing part of this particular reason is that in most cases 70% to 95% of your competition no longer exists. This is why I ask have you checked the competition out recently. I believe that this reason has a strong link to fear, if we are afraid to step out it is easier to blame the competition than give it a try.
Your competition may not have taken into consideration the new economy, the new needs or shifts in the target market which may have them missing the bulk of the business.
The key to this is to:
1. Establish your target market
2. Know there needs (current)
3. Define what makes you different/unique
4. Be aware of what the competition is doing
5. Discover how the competition reaches their market
6. Understand the “New Marketing”
If the competition begins to be more competitive; stay on top of your plan, know the needs and be willing to redesign your mouse trap if needed to remain on top of your game. The competition only beats you if you roll over and play dead, play hard & fair with integrity and you will have the better mouse trap!