One mistake many new businesses make is thinking that just because nobody else is doing exactly what they’re doing, their business is a sure thing.
The smart thing to do is ask yourself, “why isn’t anyone else doing it?” It’s possible that nobody’s selling cod-liver frozen yogurt in your area because there’s simply no market for it. Ask around, talk to people, do your market research. If you determine that you’ve got customers out there, you’re in good shape.
But that still doesn’t mean there’s no competition.
There may not be another cod-liver frozen yogurt shop within 500 miles. But maybe an online distributor sells cod-liver oil to do-it-yourselfers who make their own fro-yo at home. Or maybe your potential customers are eating frozen salmon pops right now.
Don’t think of competition as only other businesses who do exactly what you do. Think about what currently exists on the market that your product would displace. When Henry Ford started successfully mass producing automobiles in the U.S., he didn’t have other auto makers to compete with. His competition was horse-and-buggy makers, bicycles, and railroads.
Sometimes you have to think outside of the box when planning your business. Chances are, if you’ve got a product or service that appears to have no competition, you’ve already got a talent for thinking differently. Be sure to put that talent to use.
photo by flickr user TheCulinaryGeekClick here to join the conversation (3 Comments)
Like this article? Please share it:
How to make faster, more informed business decisions
Your business is up and running, and now you’re laser-focused on growth. And you’re smart: you want to keep your finger on the pulse of the financial health of your business. But, you don’t have time to run reports or analyze endless spreadsheets.
What if you had an easy-to-use financial dashboard that gave you a visual overview of all your key business numbers? What if you could set up budgets and sales forecasts without sacrificing critical time away from your business?
This is where a powerful, yet easy to configure business dashboard comes into play. Click to learn more about how a business dashboard can help you grow faster and make smarter, more informed decisions.Click to continue