Do You Know the Competition for Your Home Business?
No business operates in a vacuum without competitors striving for your customers/clients. This is not to say everyone is out there wanting to take your business away or hoping you fail. Sometimes, too, your business is so specialized that there aren’t many with your skills or abilities or edge on an innovative product.
However, when you start a business be knowledgeable about others in the same field who would be competing for your clientele. Also, stay attuned to anyone starting a business that would take away your customers.
When a business becomes successful, other people often desire to start a similar one. Or, if you have any employees, they might want to start one like yours.
Often there is room in your town, or online, for more than one business of your type. However, try to have the edge by making your home business slightly different from the others, offering some product or service they don’t have. Sometimes this is your personality and willingness to take the extra step.
Sometimes closely related businesses can complement one another. Or if you have more business than you can handle, perhaps you can work out a “win win” situation. In this case, you send your overflow customers to their business and vice versa.
However, don’t live in a dream world unrelated to the real world where there is competition.
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