Starting an Online Business in a Busy Market and Why Competition is Good
Is this a phrase you are guilty of saying, ‘there are too many XYZ out there already’?
This is the wrong approach and a terrible excuse for not starting your online business or moving your business from just being offline to online.
I am a business strategist helping others build and scale amazing businesses. There are SO SO SO many business coaches / consultants / strategists already in the market, but this didn’t stop me from starting my business and there’s several reasons why.
Competition or a ‘busy market’ is actually a good sign. A crowded market means that there’s a big audience for the product or service. Meaning a lot of money is spent on this product/service, so there is the potential for you to gain some of this share.
You can still offer something which is unique, as you have your own story, specific set of skills and experiences that no one else has. Therefore, you will attract clients that other people selling the same product/service wouldn’t, as they feel a unique connection with YOU!
Competition is simply a good sign that money can be made in the market. Hence, more reasons to enter the market. You know that there are already people making money doing something similar, so why can’t you?
Whereas, if you create a product or service that hasn’t been thought of before... it will mean one of two things:
💡Well it COULD mean that you have an ingenious idea that nobody has thought of before...
❌ or it could mean that your idea is not needed and that there is no market for it.
You are incredibly luckily if you create something and it fits into the first category, but more than likely it’s going to be the second, there’s no market for it. This just goes to show that it is perfectly fine (and obviously also ‘safer’) to enter a market which exists already.
Let’s look at some (rather random) examples:
apps on time management
high-end fashion dresses
These are all products that solve exactly the same problem or purpose… but in thousands of different variations.
And why are there so many successful companies selling these products?
Because there is a BIG market for them.
BIG market = money to be made.
No market = stay away from.
So, again, why did I still enter the market with my own business? Because, nobody can be me. Nobody can tell my story the way I do, nobody can teach the way I teach. And the exact same holds true for you!
Don’t see competition as something negative.
Instead, it means there’s an ocean full of possibilities for you.
Quick tip… Research the competition: What is it exactly that they are doing? What works well and what doesn’t (you can for example read Amazon reviews)? What is it that customers wish more of? Can you maybe target a different niche that hasn’t been targeted as much?
Find the blank spots and fill them with YOU.
Nobody can be YOU.
So yes, you can totally stay intimidated by ‘there are so many out there already‘ or you could push through your fears and do it anyway… give it your unique spin!
What is your unique approach?
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