When choosing a business to start, one of the first things you’ll want to ask is, “Is there a lot of competition?”
However, that question isn’t as simple as it seems. There’s no clear answer for how much competition is good or bad, because every business (and business owner) is unique.
Some people thrive in a competitive market, because they have something that sets their business apart (Watch below to see how my friend sold her business for half a million dollars) while others prefer to be in a market where if prospects don’t buy from them, they can’t get that product/service anywhere else.
So how do you know which decision is right for you and your business? Find out in this week’s video.
Over the past couple of weeks, we’ve been talking about some important factors you need to consider when deciding what business you want to build – and more importantly – how that business helps you retire.
We’ve talked about building a business that you’re passionate about, that you’ll be capable of doing for a long time, and how to make sure that your products and services will be relevant and in demand for a long time as well.
The topic for today is equally important: Competition.
Do you want to build a business that has a lot of competition, or a business that has very little? How do you know which one is better?
A business with no competition has one incredibly clear advantage: if your prospects don’t buy from you, they won’t be able to get what you offer from anyone else.
However, if your business has no competition, there’s a good chance that your prospects won’t have heard of your offer before. You’ll have to educate them on your products and services, and how they’ll make a difference in the lives of your prospects. It’ll take time to build trust between you and them before you can move them through the buying process.
On the other hand, in areas with a lot of competition, people already know what you offer, they’re familiar with the benefits of it, and they’re already actively looking for it. The downside here is that it can be difficult to make your business stand out from the others. You’ll have to find something that makes your business unique in order to get your prospects’ attention.
In the end, competition within an industry can be positive or negative. It’s all in how you look at it. Before you decide what business you want to start, do some market research, consider your options and decide what market works best for you, your business and your goals.
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