Is Your Small Business Competition-Ready?

CompetitionFirst of all, what is “competition” in the business sense? My definition is a business that offers very similar services in a similar location.

Since you probably did your research and set up your business in a location where there is a need for it, it’s likely that other service-providers have also picked the same location for similar reasons. So, you’ve got competition.

However, sometimes we look at competition in the wrong way. Let me give you an example.

When I decided to expand my business a couple years ago into a more full-time job, I mentioned my intentions to a friend. This friend happily shared with me that she had another friend in the area who was also offering Marketing and was in the same situation as me, and she thought we should connect.

At first I felt kind of anxious about this – another Marketing person in the same area at a similar stage of their business? But I went ahead and met with her….because you never know…..!

Nance Williams Jonkman

Nance Williams Jonkman of Strategy 4 Balance

Nance and I fairly quickly realized that our services were quite different. Better yet, over time we’ve been able to support and encourage each other, and have even developed a friendship.

So much for competition!

The Point — sometimes what you think of as competition really is not.

Now think about your competition. Your biggest competition.

ie. Maybe you’re a Wellness Clinic that offers Massage, Nutritional Counselling, Naturopathic, and Psychological services and there’s one down the street that offers basically the same services.

What you need to do is focus on how you’re different. Maybe it’s with respect to your ideal client — you might want to focus on working with kids, or maybe pregnant women while the clinic down the street seems to focus on adults in the neighbourhood. (and no, you should not say you want to focus on “everyone”! That’s just confusing.)

Or, maybe your company has a different personality – ie. your space/vibe is professional and more medically-focussed, and the one down the street is more natural and earthy.

The Point — differentiate yourself – so it’s easy for potential customers to know when they should come see you and when they should go to the other company.

Competition does not have to be a “scary” or “bad” word. It’s just how you look at it and what you do about it!

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