what do you do about the competition when you go into business for yourself?

Question

does anyone else fear the competition?

my biggest fear is that i'm going to strike out on my own business-wise, i'm going to do excellent, and then someone is going to observe what i'm doing, how i do it (i.e., advertise, etc.), and they're going to take off and copy it and make a venture of their own doing the same thing i'm doing

i am so afraid of that. so how do you deal with the competition and when someone else decides to come out to do the same thing YOU are doing or even if they copy your idea and wind up doing even better than you do?

what do you do to ward off competition or stay on top of your game/business when competition starts competing with you and/or trying to outdo you or even worse, steal your ideas and make it their own?

sorry, my business is not a product, its a service to the public/communities.

Answer 1

You don't say if your business idea is a product or service. If it's a product, you should have it patented so the competition can't steal it. If it's a service, there's not much you can do if others try to jump on your bandwagon. Just strive to provide superior customer service and value.

Answer 2

I understand you totally. However, competition is a nature of the business world. You have to be creative, good, and market well. If you find out someone's copying you, then you have to step up and make yours better. You have to constantly keep thinking about new products and ideas and marketing to keep yourself fresh instead of stagnating. You have to keep evolving, new stuff along with the tried and true original stuff.

Say I put a chicken guac burger on the menu. A few months later I see in the paper that a competitor is serving the same thing. When my sales go down on that, then I can either make it better, or axe it and bring on a new sandwich. It's all in the marketing and knowing what people will like and fulfilling it, and getting them to come to you first.

It is tough. Promotions help too.

Answer 3

Competition is part of life. When Ford came out with windshield washers as standard equipment did they do it to be nice people, or because Chrysler and GM were doing it?

To make it you have to offer a service as good or better than the competition at a competitive price. Competitive price doesn't always mean 'cheaper."
For example, you paint houses and you charge more for paint. Why? You use a better grade of paint. It'll last longer. Fine with me, start painting!
Never knock the competition, but be able to explain how you can offer more.
The key is confidence and mutual respect.
Let's say we both paint houses. Now,, I'm booked up thru June, but a customer has to have his house painted much sooner. If you respect me, I'd tell them to see if you could do it sooner. Maybe you'd do the same for me. All three of us win, you, me, the customer.Let's go have a beer.

Answer 4

Congrats on striking out on your own. Look up Jack Trout books. I read them and they have been a great wealth of knowledge for me. Some titles are... "The New Positioning", "Differentiate or Die" and "The 22 Immutible Laws of Marketing"

As far as the competition stealing your ideas? Who cares?
It's always best to be first.
Think of this...
Who is the number one car rental business?
Who is number two? --- not many could tell you who the second is.

Read the books...... I have been copied several times. It actually helps my business. My competitior's trucks are often mistaken for mine. lol His attempt at copying my image backfired on him.

Good luck in your endeavour.

Be just 1% better than your competition and you'll do great.

Answer 5

thats a lot to digest......depends what your product is, I guess ?

not really much you can do except get a patent...but thats only good in the USA...foreign nations regularly copy patented ideas, and change a item or 2....ask IBM and Apple computer
they went to Japan for manufacturing...and the Japanese ripped them off....selling their own products......stealing them.....China ripped of Bill Gates for 20 years stealing software....

a home based business on the internet is always a cheap way to go....their is a company that's like a sam's club, where you sell stuff at discount, and acclumulate commissions in the form of ..cash..and they put it in a Panama bank for you....

its free to join for the next 2 weeks.....dosent cost anything to look......

http://gwbopc.com/wherbie

good luck