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Lack of competition “can be a serious weakness”

Published: 03 March 2016
Competition

Have you got a competitive side? According to a recent article by Forbes blogger and BodeTree.com entrepreneur Chris Myers, having similar businesses vying for the top spot can be a good thing. 
Writing for the high-powered business magazine, Chris explained: “Entrepreneurs who don’t have competition should be wary. Rather than being a strength, a lack of competition in your market can be indicative of a serious weakness.
“The first reason why a business might not see competition is an overly narrow definition of the target market. When you’re building a product, it can be easy to become so engrossed in the details that you lose sight of the big picture. 
“Put another way, while there might not be another solution in the market that does exactly what you do, there may be other players who are close enough that your prospective clients can’t tell the difference.
“The second reason why your business might not have any competition is that you’re simply ahead of the market. Of all the reasons, this is by far the least problematic. After all, you could simply be solving a major pain point for your customers in a new and innovative way. However, if that is the case, you have to be aware of the challenges that go along with being an innovator.”
It looks like a little rivalry goes a long way. Don’t fear the competition – embrace it!

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Business Franchise magazine is the official publication of the British Franchise Association-supported Franchise Exhibitions.

From newly launched franchised businesses to opportunities for potential franchisees, Business Franchise magazine is the unmissable guide for anyone looking for their first or next franchise adventure. Featuring an invaluable A-Z directory of franchisors, in-depth articles and important updates from the franchise industry, it provides hot-off-the-press franchising news, advice and essential information.

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