Does having competition make you uncomfortable? Perhaps you should consider making a strategic alliance instead. Competition can be a scary thing, but it can also be useful, if handled correctly. Few industries or markets are only large enough for a single player, which means that there is little reason for anyone to be afraid of [...]
It can be tempting at times for a business owner to contemplate competing based on price – that is, offering a product or service at a price lower than their competition. The net result of this is hoped to be a quick influx of customers who will take advantage of the lower price, and then [...]
I was working on a business development plan for someone, and we discussed her business, what she envisioned being able to do for clients, and various approaches she could take to find new clients. This came, after some discussion, to the concept of unique value proposition – that is, what would set her business apart [...]
When a new product was launched by a company with a large amount of clout and marketing power, a project I was working on had its management team move into crisis mode fairly quickly. The competing product, at first glance, seemed to compete directly with the product we were building, which raised the question as [...]
In recent discussions with several people, I’ve noticed a trend in certain small businesses. Since there is significant amounts of paperwork and filings associated with hiring an employee, some companies choose to hire their workers as contractors, thereby reducing the obligations between the two parties. Additionally, it allows for more fluctuation in workload, while achieving [...]
I was reading a Tom Clancy novel in which he discusses the voting system in the US. While I don’t recall the number precisely, the explanation went as follows: 40% of the population will vote Democrat, because that’s what their parents and grandparents did, it’s how they’ve always voted, and always will. 40% of the [...]
In the markets of the past century, there have been various attempts to achieve the following – to increase the amount of competition in any given market. The reason for laws to govern this is simple – when a small group of individuals or companies controls a segment of the market, they can drive up [...]
There is not a single niche market for which there is no competition – and I challenge you, my readers, to show me an exception. If you can understand who your competition is, and how you and they differ from one another, then you’ll understand the being novel is not that important. What is important is to be as good as possible at whatever it is you do.
Elie Kochman is the author of Advice for Small Business Owners and the founder of Optimal Upgrade Consulting. Using his experience working in the corporate world along with his exposure to the world of small businesses, he writes these articles to assist others avoiding common pitfalls of growing a business. His experience in the corporate world, building his own business, and working directly with other growing businesses has given him some perspective on the trials and pains of running a business.
