Competition

So what happens while you are out there marketing your product to potential customers? Will you be the only business trying to get people to buy? Every business has, or will have, another company competing for customers. What do you think is the best way to handle competition?

• First, realize that competition can actually be a good thing. It inspires entrepreneurs to create better products and be more effective at marketing.
• Second, learn all you can about your competitors. Study what they do well and what they do poorly.
• Third, create a master plan for dealing with competition. Outline your strategy in your business plan, so it will be in place before you ever launch the business.

Below are five suggestions for beating your competition. Which ones do you think will work best for your business?

• Give faster service than your competitors.
• Be friendlier and more personable than your competitors.
• Provide a better guarantee or warranty than your competitors.
• Find a way to offer lower prices than your competitors.
• Provide a higher quality product or service than your competitors

Fifteen-year-old business owner, Casey Anderson, says this about competitors: "Having competition in business is like lifting weights. If you only lift a small amount, that’s all you’ll ever be able to lift. But if you keep lifting more and more, you’ll get stronger. Competition makes you work harder to have a better business."