The world of business can be fierce, especially if you have direct competitors that sell similar products and services as you are. It doesn’t matter whether you and your competitor are sub shop franchises. Nonetheless, it can be kind of annoying that there is a business near you that attempts to grab your customers’ attention away from you.
Unfortunately, this is how business works. If you are not aggressive enough, you will end up being eaten alive by your competitor. It sucks having a rival in the first place because it takes away a part of your target market and your potential profit as well. But will the world of business a better place without competition?
The benefits of competition
Contrary to popular belief, there is nothing wrong with having some competition in all aspects of life. This includes having a business competitor, as well. Competition can do wonders for your company. How?
First, friendly competition between two companies that offer similar products or services enables you to be always in your toes. This means you are always alert and updated with your competitor’s current moves so that you can plan your counter-steps. It keeps you from being too complacent and even encourages you to be innovative to be ahead of the competition.
This might be hard to believe, but competitors should be helping each other. One of you has been in the business longer. Rivals appear to challenge business veterans. In real life, many business veterans are willing to give advice to business newbies and even forge a good working relationship.
How to build your competitive advantage
Businesses can be aggressive and fierce. That is why you should find ways to be always on top of the game. Here are some helpful suggestions for new entrepreneurs:
1. Be aware of your competitors.
It is essential to be aware of your surroundings, including your competitors. They will challenge you and even cause you headaches sometimes. Monitor their every move, promotions, and other updates that can be useful in making your counter actions.
2. Get to know your customers.
Find out why there are customers who prefer patronizing your competitor over you. Do they have lower prices? Do they offer something that you don’t have? These are some things you might want to consider so that you can make your action plans.
3. Innovate and differentiate.
Before starting a business, it is crucial to determine what sets you apart from your potential competitors. Those traits should be highlighted because they can make or break your business. Despite some fierce competition along the way, your customers should be the number one reason why you are always on the lookout for your competitor.
With all that said, you should remember that starting a business can be risky, and it takes a lot of courage. After all, it won’t challenge you. You won’t gain much experience if there is no competition. It should serve as motivation for you to become better than your business rivals.