Why You Don’t Need To Fear Competition
I used to be soooooo afraid that someone else would have a consulting offer just like mine, which would make me redundant.
Fear of competition made me nervous, jealous, and territorial.
Like I was creating some rare IP or patent that someone could steal or claim in my place.
Now I see the total ridiculousness of these ideas for so many reasons.
Someone once pointed out that McDonald's, Burger King, KFC, and Subway often group to form an eat-street of options.
Rather than fear each other and stake out different corners of town, they form a hub that draws more people out to eat.
Their competition is healthy, both for them and their customers, who have more choices, more competitive prices, better services, etc.
A new burger bar on the street would hardly dent their market share because the more burger joints there are, the more people eat burgers.
It dawned on me then that competition in my niche was a good thing - and that, in fact, I should be more afraid of NO competition because this would probably mean nobody wanted what I was selling.
If you bring a genuinely new offer to the market, you then have the challenge of educating the market that they need it, what it is, and why it's useful.
Many failed innovations have come to market too early - only to be replaced several years later by a similar product launched at the right time that people were ready for it.
If you're entering a so-called 'crowded niche', no education is necessary - your clients know how it works. You have to stand out as different, better value, more professional or personable, more agile or bespoke, or better at creating results.
For most businesses that are solving everyday life problems - there is such a blue ocean of need that it's almost bottomless. (I mean, will there ever be a world where all the problems are solved and we live in a perfect paradise?)
And even if you offer something similar to other people ( I refer to the swathes of coaches who coach coaches to coach coaches or the many who will help you to reach $10k months), you will always add your own experience, personality, and perspective such that you'll present classic and timeless truths and frameworks with your unique voice and presence.
Just think - there are 7BN + people today, and perhaps 30% will speak English as a first or second language.
Of these 2BN +, most will never be able to nor ever want to run a business but will have heaps of challenges that need solving.
Even if we are now down to millions of potential businesses competing in your market and niche, you ONLY need 200 clients to pay you $5000 to make $1m a year in your business.
Probably 200 people or businesses need your help in your town, province, state, county, nation, or even the world.
I get other B2B marketers sussing me out constantly, checking my prices, peeking at my free offers to see if theirs are better.
I don't mind now. There will never be a shortage of people who need my help - we will not be scrapping for clients in a zero-sum game.
My job is to be better at what I do every day and to create happy customers whose problems have been solved.
Even if we divided the ocean into sections - you take this bit, I will take that bit - there are still miles of ocean left.
We can only grow to be worth the opportunity to solve people's problems.
I hope you see the blue ocean of opportunity for your business.