What Does It Mean if You Don’t Have Competition?

competitors

You probably already have your unique, excellent, best, and smartest business idea for your small business. And in such a case, it is normal to think that nobody else has something similar. You will not have competitors and you are ready to become a millionaire. But things aren’t so perfect!

Do you think that you don’t have competitors?

If you think so, read this post to find what is the right meaning for your thinking.

You can’t find an excellent business idea. You can find only the better one.

That’s true! The need or problem that exists on the market is already satisfied or solved in one way or another.

I remember when, for several years, one client of mine came to me with a perfect idea. Then, as I always do, I started as a first with an analysis of his own thinking. From the idea’s first view, it looks excellent, is unique, and has big market potential. The idea was something new and not served on the market.

But, when I started analyzing the idea of transforming it into market needs and problems that would be solved, we quickly discovered that it was not so unique. 80% of needs and problems on the market are already served or solved by other companies. In such a way, we already know that there will be competition, not directly from the start but in an indirect form, it will be there.

The worst thing when you start a business or simply expand your business with new products and services is to think that you will not have competition.

What does it mean if you don’t have competitors?

Here are some of the possible answers.

RelatedHow to Beat Competition in Business? 13 Steps to Beat Your Competition

1. There is something wrong with your idea that will be without competitors.

In many cases, if you think your business idea will not have competition, it’s not a good idea. Before you, somebody else already conducted market research and found that the market is not big enough to support sustainable business.

In such a case, before you jump to create your business, be careful and find answers about why somebody else is not already on the market with such an idea.

Related: How Do You Conquer the Fears of Starting a New Business?

2. Your market research is wrong.

If your business idea is ok, and you still can’t recognize available and potential competitors on the market, then it is something wrong with your market research.

Before you start your business in such a circumstance, it is better to come back to your market research and see whether there are some mistakes that you make, especially in the part where you define the main competitors for your business.

Sometimes, competitors don’t offer the same form as your future business. However, try to translate your business idea into needs and problems and analyze how those needs and problems are satisfied and solved currently in the market. If you find partial solutions for the problems and offers that partially satisfy the need, that’s your competitors.

Related: 7 Steps Framework to Achieve All Your Business Goals

3. There aren’t customers for your products and services.

If there aren’t customers, then it is logical that there will not be competitors. If you want to create the needs and solutions not yet identified by the potential customers, you need to know that you will have to work really hard to succeed.

On the other side, don’t think that your steps will not be observed by your potential competitors, who will quickly become your competitors when they discover your success. Be careful, and don’t underestimate their influence on your business.

As you can see, you can’t start with the thinking that there is no competition for your business. The competition will be there in direct or indirect form or quickly will become a reality in the direct form if it is not already.

Question: What you think about the competition? Do you have experience in underestimating the effect of competition on your business?