Paying attention to the current business trends, it is observed that every day a new startup crawls up. From college students to employees of the top-notch firms, everybody has a zeal of starting a business of their own. The trend has been such that anybody who has got a business plan, now enters the market in the hope of creating their own mark. But the question is, how to devise a business plan that earns a profit and is also unique and different from other startups? How do you decide upon that one thing that is going to make your business plan stand out?
There are innumerable things that you need to pay heed to when it comes to running a successful startup. One among them is knowing your competition. The one thing that you can be sure of is, there hardly exists any startup that does not face the brunt of competition. Now, let’s be honest if you think that your plan is unique and no one in the world has ever thought of it or is not pursuing it, you are definitely sailing in the wrong boat. There may be some alterations but someone is definitely thinking on the same grounds like you. So, it becomes essential to identify your competition. Also when you know your competition, deciding on how to make your business different becomes easier. It helps you identify your unique selling point that will give your business a stand in the market and gain a strong customer base. For example, when we talk about Pizza joints, most of them more or less provide the same toppings, the same crust, and even the same flavor. Now, there’s no denying the fact that taste plays a crucial role in making it distinct. But apart from this, the way they provide their service is important too. You would definitely prefer a joint that delivers you fresh hot pizzas within 30 minutes of your ordering rather than a joint that doesn’t give you any time assurance.
Now having said all that, it is good to know your competition and see what changes they are making in their business structure and their target audience. But make sure that you don’t get blinded by the maddening race to be the best and start copying your competitors. Try to outweigh them by doing and introducing something which they haven’t. Also, not just the success, but you need to learn from your competitor’s mistakes too, so that you do not commit the same ones.
Remember any kind of competition, small or big, can be a threat to your business if not taken care of. It’s now upon you to effectively tackle the competitors and make your business shine in the crowd of thousands of startups.
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