Chances are you business isn’t something unique just hitting the market for the first time. In marketing your idea to your friends and family, they may even point out for you that your business exists. Don’t let competition deter you from bringing your idea to life. One of the reasons you may have wanted to start your company is because you see a need that isn’t being met. Take a moment to evaluate where you stand next to your competitors and how you may fit in.
- Make a list of resources and skills you have that other people don’t. Not everyone plays with the same deck of cards in life. More than likely you are given a set of resources that you have to work with that no one else in your circle of influence might. Use this competitive advantage to it’s fullest extent. Having your business shine in certain areas might become your early competitive edge.
- Google potential competitors and rate each on a 1-5 scale comparing how you would like to be in the market. Simply find out who is your biggest threat and list what you like about them and what you would do different. This will give you an idea on how you can create a niche in the marketplace.
- Write out what you want to do that they aren’t doing. Use your list in step two. Find areas of weakness in your competition that you know you can exploit. Now that may sound dirty and heartless, but if given the chance they’d do it to you. Playing off your competitions’ weakness from the beginning can provide you with an instant customer base in being able to meet unserved needs.
- Find the the contact info to your local competitors. This may seem like an odd step, but it’ll come in handy while you are building your business.
- Draft a three sentence email asking questions to each of these businesses or interview in person if possible. This is where the contact info you collected in step four will come in handy. Businesses will be surprisingly giving of information if you know who to ask and how. Here you can gain truly inside info that you might overlook because you haven’t experienced what business is like yet. Try to find out what their top sellers are or even when the busy season comes around. Not every will be forth coming with this information (especially if you are too local to them). You might want to try businesses of a similar nature in other cities or states. Chances are they will be more likely to help you wherever you need.
Join us for Week 2: Finding Your MVP to determine the easiest way for you to begin selling.
Recap provided by Derek Wyatt.