Too Much Competition In Your Market? Here’s What To Do
When my business partners and I started Home Artist, our home décor side hustle, I fretted so much about other start-ups doing something similar, or getting ideas from our company. I did not like competition, I did not want competition, and I wanted to annihilate competition. I was stressed out! Thanks to doing some self-introspection, and reading spiritual books (yes, spiritual, not business books), I’ve come to feel completely relaxed about competition. In fact, I don’t see competition as competition anymore, but as co-creators. I think I might start losing some “serious” businesspeople at this point because “co-creators” is not a term found in commerce textbooks and lectures. Not to come across as airy fairy and unserious, but I believe that the fact that there are others out there who have similar ideas to mine, means we’re responding to a call or need in our cities, countries and the world. Inspiration comes to us, to create and provide something similar, because it is needed. Products and services are needed for their functionality, aesthetics, and other outcomes that benefit consumers; the other people of this world. Competing companies are needed to inspire creativity, innovation and drive economic growth. These are positives.
Now, when I look at competitors, especially new competitors, I don’t feel stressed out. Instead, I marvel that someone else received similar inspiration to what I received; how bizarre and amazing is that? But, in the same token, I think, if that person is doing xyz, how are the people we’re both trying to serve benefiting? So I consider how my company is or can be different to ensure that we’re adding value and appealing to customer needs in a different way. I don’t do this with any vile feelings. I genuinely appreciate competitors, because I believe that we’re all meant to be playing in the same space, but catering to different customer needs, geographies, budgets etc. So, we can learn from and be inspired by each other.
Even if you don’t try; the product or service you provide will always be different to that of another, because it is done by you. It can be in small ways that you don’t even recognise, or that you take for granted like the way you smile when interacting with customers. Never feel that because someone else already has a business that you want to venture in to, that yours will not succeed. You have every right to give it a try, especially if inspiration chooses and comes to you. And when you give it a go, do bear in mind what other similar companies are doing, but don’t give that too much focus. Focus on yours. Focus on what you’re doing to make a difference in, and serve the market.
There is room for all of us. There is abundance in all things, especially people to serve.
Much love and inspiration.