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Reply To: Should You Consider the Competition When Starting a New Business?

By Matthew King

#5022
Matthew King
Keymaster
  • Total Post: 128
Points: 2,230
1

In the two business arenas I choose to carve a niche in I honestly had an vastly different competition amounts. In the 1st business, there were already larger types of of the same business but I wanted to offer a special niche on what was already out there. For that we measured our idea and it was similar enough to what was already laid out as a service but just different enough to entice a new type of customer! For the 2nd business, it was retail matched with veteran support, while there are a few out that do this the demand honestly wasn’t high enough now that I look back at it. I also didn’t have the support I had with the first business or even my third business. I learned a lot during this and ended up closing the second one due to debt and just not being an effective business model. However, about six months later that enabled me to launch my 3rd and final business at a much more researched rate, competition is honestly everywhere, but each with their own unique twist so it again allowed me to fit in with my own niche of customers. Another standing matter is the need for coders, designers, developers, and business help is always growing!

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