No matter what type of business you operate, there will be competition of some sort. If there is not already competition, the potential for competition is most likely present. There are billions of people on this planet, to say the least. We share the same recycled oxygen, elements, and so on. We usually share the same thoughts. When we don't have the same thoughts, we can be found wanting thoughts and things of others. Competition is inevitable any way you look at it. You may think of doing something that no one else could have possibly thought of in your opinion, but realize even your opinion may be shared. There are definitely others on this planet with thoughts and experiences similar. Rest assured there will be potential competition if there isn't competition in your area already. You may invent something and soon find that someone made the same thing after yours. Their invention may differ enough so that your patent can't protect what you have. I'm not merely a pessimist. Research reveals these examples to be fact. You must consider someone taking what ever you have from you in this world. That has been the stark reality of our culture for the past 6,000 years or so.
Preventative solutions are the best. Address the problem before it happens. If you're a business owner, inception of the business is the time to think about what you're going to do. Think about things like if someone opens up a store next to yours. What if someone out sells you? Maybe you have an online business that is doing great and more competition comes on the scene, causing you to lose money. Take time to consider competition before it's too late in the game. If you all ready have competition, make reasonable effort to combat it. Now is the time for analysis.
Where do you start at analyzing your competition? A list of potential or current competitors will not be needed in the beginning. The first thing you should think about is your customer or your ideal customer. Once you understand what your customer buys and when they do business with you, a better understanding of your competition will be evident. Take for an example if you owned a fish tackle store on a corner of Time Square in New York City. Who would by fish bate in the middle of time square? What time of day would they buy and how often? Imagine the store next door to yours sells New York souvenirs and pharmaceutical products. Who do you think would make more money, you or the guy next door? Who is your customer? When would they buy? Obviously fishermen/fisherwomen or eccentrics are your customers. The answer to when they would buy from you can vary depending on a few conditions. A tourist may buy from you as a joke. An eccentric fisherman may pass buy once a year and buy from you. This is a ludicrous example for the sake of demonstrating what competition can be like. I'm by no means suggesting that you to open a fish store however, I want to demonstration practical business logic. The guy next door would probably make more money than you. Your competitor would give you reason to make a formal plan on paper. This would probably involve your change in product or location. Before changing anything, the process of change should consider your customers.
Here is what I find to be two core elements in considering a plan against competition :
1. identify your customer or ideal customer
2. identify your ability to supply your customer.
It's that simple. When you can satisfy your customer or potential customer better, you naturally beat your competition. When you can do the two core things better and consistently, you will beat whatever competition.
Think of your efficiency, performance, or capacity to offer products/services per hour, day, week, or other time period.
You will now know who your competition is if you can identify the two above elements.
Common sense should reveal to you if you have or will have competition
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