Plan to starting out into a new competitive market?
Or
Already in a competitive market, but feeling lost and out of place?
Here are some tips to help you find yourown space and become successful in a very competitive market.
Starting out in a new market can be quite overwhelming, even top companies and individual find a new start/business expansion to be a big deal. This is because, starting out a new venture or changing a business territory, opens up the business to new potential, but also opens it up to new problems, which most times, we aren't prepared for. Today we'll be highlighting some tips to help overcome the fears and become a success.
Tip 1
Be Courageous:
Setting out into a new competitive market requires a lot plannings, deliberation, and consideration, and also a lot of courage. Understanding the challenges that comes along with a new business environment which do not necessarily fit into your former condition, bring along fear (fear of the unknown), and this is the first step to overcome. We have to know that change is not something bad, it's only a sign of development, having this knowledge helps our minds prepare for whatever is to come next, because this help get our mind into a position where we see every challenges as a step forward, knowing that after we've overcome the hurdle we'll have something to celebrate.
Tip 2
Compete don't Compare:
What exactly defines a competitor (in terms of business), mostly we'll find out it's a brand which had existed for long and has managed to capture the attention of it's custumer and had turned itself into an household name. So as a newbie in it's sphere of influence, you will need to do something better, than what has already been, here in comes the competition. But sometimes, we interchange the word competition with comparison, in a competiting competition we try to out-run our competitors (which means, we try to beat the best), but in a comparison competition, we are only trying to be like the best. Neglecting the fact that the costumers aren't looking for another version of the same product, they need a new and better version, so the comparism culture would be a low blow to oneself in such kinds of market.
This doesn't necessarily mean to doing something completely new, but it means doing something better, which can be as simple as a better wrapper design or a special different flavor to yourown brand.
NB: Comparison won't get you anywhere(stop trying to be like the best, try to beat the best)*
Tip 3
Never be Scared of Change:
In a new sphere of influence, what you've always done might not work for you, and at some point if you can't sustain the ability to switch /change, it may lead a collapse. In whatever we do, it important to be able to adapt to different conditions, even if it means a complete turn around. For an example, this period of the Muslim fast, here in my country the sale of the day shoots up around the evening, towards the breaking period. Taking a look at those into the restaurant businesses, significantly buyer would troop in around those times, without a change in the scheduled time which for most businesses is 7am-6pm, most restaurant would lose more customers. Flexibility is a major strategy in this part of the world.
NB: In the business world, change is inevitable and adaptation is key.
