When I do an idea and then find there are competitors ...
This happens actually often to me, that I have an idea to solve a problem, but after searching in internet I notice that the solution is already there. Most of the time, the existing business is not exactly the same as my idea but similar.
My question is what would you do in a similar situation? Do you give up or do you see it as a good sign, as someone already tested the idea.
Great, that means it's a viable idea and its possible to make money doing it.
There's hardly any businesses doing something that nobody else is.You aren't going to be able to compete with Amazon. But how can you do it better?
One example is, I used to do my fruit and vegetable shopping at a local markets. But occasionally if I had the flu, I would call in an order, and they would have it all in a box for me. But I noticed that when they picked the fruit, they would just grab stuff off the top, so the fruit would have bruises and blemishes. Where when I did it, I looked at every piece, and would skip anything not so good.
So you could do the grocery shopping, but go "high end" buying organic foods for people and picking out the best quality products. This would of course be a premium product.
My local farmer does a vegetable subscription. You pay x per month and he delivers random vegetables x times per month. It’s not about competiting, but differentiating yourself enough from your competitors. Hit me up if you want my thoughts on our idea. I already have my own business and I don’t live in the US, so no need to worry.
This is NOT the right way to look at this. By this logic it’s too easy to say “no competition, great I’ve really got something!” and also “competition exists, I’ve really got something!”
The presence of competition needs to be carefully evaluated. It could easily mean your idea is non-viable. You have to assess the market and how well the other party is poised to capture or hold that market and what likelihood you have of carving out your slice.
Question asked by
June 5, 2020, 1:55:20 PM