How entrepreneurs should face competition

How entrepreneurs should face competition
 

There is no chance for any startup to avoid competition. Though it makes your journey difficult but on the other hand, it gives you courage to reach at the destination point. It is competition that makes you different from others. If you are offering some services regarding any specific field, it could be offered by someone else also. This is called competition. How you get more business than your competitor, it is your dealing with the competition.

It is not easy to handle the competition. You have to make the strategies carefully considering the strengths of your products. If there is some weakness in the competitor’s product, it may be your plus but don’t rely on it.

Remember one thing that competition is not bad at all. It helps you to be alert and keep yourself on your toes.

There are some ways which can help you to deal with the competition

Know your competitive edge

Whenever you offer some products or services for a specific target audience, there is high probability of having some edge on others. It is your competitive edge that can help you to create a big difference between you and your competitors. It is your competitive edge that can lead you to convert your product into a brand. Ignorance of competitive edge may lead towards bankruptcy. So focus on the competitive edge and strength your product.

Close focus on monitoring

Whenever we discuss the success or failure of any business, we check some results in numbers. What is the sales revenue generated, what was the total cost, what was the cost per unit, what is price of the product and what is your market share etc. All the results come in numbers or figures which decide the success and failure of business, so the monitoring of these numbers is important. If you earn the revenue equal to your total cost, it means you are on the position of break even. If you cross it with a margin, it means you are running your business successfully. So focus on monitoring continuously how much you are spending and how much you are earning.

Start at local level and get involved with the community

It is easy to start a business at local level especially in the community where you reside. It makes your operational and transportation reduces and increases the chance of success as you start working where you know the taste, trends, likes and dislikes of community. You can get advantage of your own belongingness to the community you come to serve. You may get customer handling experience at local level. After having some experience, it becomes easy to increase business or start franchising.

Getting involved in community will help you to spread the word of mouth regarding your business. You may use your old relationships here and also can build new relationships for your business while using community platforms.

Getting involved in the community is not limited to your local community only but you can join any group or community of your interest. There are various communities and groups available on social media which consult the people to support their community. Your presence in your local community or any group of your interest may increase the chance for the success of your business.

Excellent customer service

An excellent customer service is key to retain customers. It is closely observed that people love to buy those products which are supported by strong customer services. If you can satisfy your customers well, it clearly indicates that you can build strong relationships with your customers which will eventually help the business to grow. If it is difficult for you to handle the customers, hire professional staff which can handle the customer queries, reply them on time and acknowledge them while communicating with them.

Though facing competition is not easy for any business but if someone is ready to take a step to start his/her own business, the steps discussed above are helpful to deal with the competition at every level. It should always be kept in mind that nobody can eliminate the competition. There is only one possibility that competition can be reduced up to certain level.

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