Probably you already have your unique, excellent, the 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 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 on one or other way.
I remember when before several years one client of mine comes 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 first view of the idea it looks really excellent, unique, and with big market potential. The idea was something new; something that’s not served on the market.
But, when I start with my analysis of the idea of transforming it in the form of market needs and problems that will be solved, we quickly discovered that it is 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 you are expanding your business with new product and service is to think that you will not have a competition.
What does it means if you don’t have competitors?
Here are some of the possible answers.
1. There is something wrong with your idea.
In many cases, if you think that your business idea will not have a competition means that it’s not so good idea. Before you, somebody else already conducted market research and find that the market is not enough big 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.
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 there really aren’t competitors that offer in the same form as your future business. However, try to translate your business idea in the form of needs and problems and analyze how that needs and problems are satisfied and solved currently of the market. If you find partial solutions for the problems and offers that satisfy partially the need, that’s your competitors.
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 need and solutions that aren’t yet identified from the potential customers, you need to be aware that you will have really hard work to succeed.
On the other side, don’t think that your steps will not be observed from 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 reality in direct form if it not already.
Question: What you think about the competition? Do you have experience in underestimating the effect of competition on your business?