Be wary of many competitors when making a start up

[Alexandoy]

This issue is particular to an offline business. When there are many competitors in the area maybe you have to think it over if it is worth opening your business of the same nature. My niece opened up a water filling station in their area against my advice. There were already more than 5 of that business in their village. Her business started on good footing that it was earning for 4 months before it experienced low sales owing to the stiff competition. When she closed her business before it reached 1 year she admitted defeat and felt sorry that she did not heed my advice.

 

[Olajidey]

Startup business in a location you have upto five or more competitors should be carefully scrutinized before someone try to establish the same business in the area, it happened to a friend of mine that open a POS business in a location where they have lik eight shop doing the same business, that my friend later have to look for another location to continue with his POS business.

 

[Mellorando]

Before starting of a business it is advised that the business owner should first check number of competitors of the same product he or she is about to market in that area is the number of competitors is much when he or she is advised to move to another area competition among same sellers of a particular product will lead to low income...

 

[Samuel72]

yes of course you need to be aware of competitor when start my business this is why you have to get a good strategy in your business, this business strategy is what will help you competitive and overcome your opponent business. So it's advisable for you to also get a quality products.

 

[sincerem]

Stiff competition isn't something that an entrepreneur needs. By during the business run in, we shouldn't shy away from such, competition is necessary in a business environment. It will help the customers to be warty of low quality products if they encounter one. Since their is competition ongoing, everyone wants to sell quality, anyone selling low quality losses the trust of customers.

 

[Alexandoy]

Before starting of a business it is advised that the business owner should first check number of competitors of the same product he or she is about to market in that area is the number of competitors is much when he or she is advised to move to another area competition among same sellers of a particular product will lead to low income...

That is true that there should be a research or study on the market base and competitors. However, small businesses don't do that here. The most they can do is to observe or to ask around about the sales of the "competitor" and if the response is positive then the business is a go. Business rivals are not really considered competitors when there are a lot of customers.

 

[Mataracy]

When one start a business its very good to be concern about its rivalry's .
In business competitor is very important because without them one may not be serious and change the method of his/her marketing and the way of dealing with customers might be horrible.
A good research must be taken place before starting up a business so that one will be able to know how to handle their competitors and win them.

 

[sincerem]

That is true that there should be a research or study on the market base and competitors. However, small businesses don't do that here. The most they can do is to observe or to ask around about the sales of the "competitor" and if the response is positive then the business is a go. Business rivals are not really considered competitors when there are a lot of customers.

You're right dear. When their is enough customers to buy from us, i don't see any rivalry no competition in such business environment. Cos everyone will be selling at a reasonable volume, no need to try to lure or convince customers to buy from you constantly and abandon the other's business, when they very much, and flood each and everyone's business in the environment.

 

[Mika]

A start up will be successful only when it operates in a novel idea. My cousin has a start up that sell books to the households, public libraries, corporate libraries, organizations, etc. They sell via a website and mobile app. This is the first of its kind business in the country, therefore, just in two years, they became successful in their business venture.

 

[sincerem]

A start up will be successful only when it operates in a novel idea. My cousin has a start up that sell books to the households, public libraries, corporate libraries, organizations, etc. They sell via a website and mobile app. This is the first of its kind business in the country, therefore, just in two years, they became successful in their business venture.

That's great work put up by your cousin to move gradually, writing books and promoting it. That has paid off, after putting more work to take their venture higher. Its not easy writing long book(s). Be it fiction, non fiction, essay, poetry, novel, and other creative writings. They require high intellectual mindset, thinking, and research to carry the work efficiently.

 

[Alexandoy]

A start up will be successful only when it operates in a novel idea. My cousin has a start up that sell books to the households, public libraries, corporate libraries, organizations, etc. They sell via a website and mobile app. This is the first of its kind business in the country, therefore, just in two years, they became successful in their business venture.

Maybe the app was popular because it was a novelty during that time. But if most of the competitors have their own app then there will be a stiff competition. The first delivery system here was Grab utilizing motorcycles. They charge high. But after a year so many competitors came up. Now the former 200 pesos delivery charge for a specific distance is now just 120. See the big difference?

 

[btaliat]

Many would have argued to and fro to know whether competitors are negative things or even positive things when it comes to managing businesses. No matter how one may view it, the answer will never be straight, while some may die on the notion that competitors are necessary,others may debunk it and claim that it is not.

Personally, just like the poster advised, the very best thing is to know the existence of competition first. When you know what's chasing you, according to Nigerian proverb, that's when you should run. Awareness of the competition will let the owner know the strategies to be used in order to win over the competition.

After knowing the existence, then we need to study the competitors. Don't try to compete with them in their strong area. The funniest thing is that everybody has weak point. Aim at their weak point. Try to study what they lack. Then attack from there. That's the first strategy to subdue competitors.

Next thing is to make sure you are creative. Creativity is the sole aim of business owner. Don't do what other have been doing. Make sure you stand out to outstand others that are competiting with you. That's the best way of winning over competition.