Are You Scared Of Your Business Competitors?
Tips On How To React To New Competition
Your competition - does it worry you? Whatever business you're in, you will have some competitors. Big or small. Niche or more general. There will be some. Do you see your competitors as something to worry about?
Picture this. A equine hydrotherapy centre in a rural town. The owner set it up there as it was convenient to where she lived. But also there were no other similar businesses. The ideal solution to establishing a thriving horse care business. Veterinary surgeon's referred customers to her. And a variety of equestrian yards sent horses to her. All was going ok. Even despite the coronavirus pandemic, and the various restrictions that ensued.
But then a large equine vets in the area, one with a hospital decided to expand. And they expanded to include an equine swimming pool. Disaster? There would be convenience to the equine hospital patients at least. If they let their horses go to their vets new swimming pool. And of course the equine vets would be recommending their own clients use their own pool. So a large chunk of income would go to the equine hydrotherapist.
There are a few options this equine hydrotherapist could take.
- Panic. Wonder what she can do, or was there anything she could do other than to accept her income would reduce.
- Seek out alternative income streams. There are many opportunities. Such as network marketing, or becoming a retailer of different products.
- See it as an opportunity. But can there be an opportunity in getting increased competition?
Let's look at these options one by one.
- In times of adversity, we can "shrink" - or panic. This is natural to have moments like that. But it should pass. Worry doesn't help. And it can distract you from appreciating what you do have. And seeing how to get a clear path forward.
- Second, looking at alternatives isn't a bad idea. Indeed, another income stream is often a good idea. But don't get distracted away from your core business. If it's what you love and you're good at it!
- Third, increased competition often shows there's an increasing interest in your market. This is good news. So how can you make the most of it? Start by reviewing your marketing. Whether that's online or offline marketing it's always a good idea.
Do you agree that the third option looks good? So how can you make the most of your marketing?
Think how you can carve out your place in the market. Showcase what you do offer. So in this equine hydrotherapy example, the hydrotherapist should emphasise her unique qualities.
In this instance, she had 10 years experience of hydrotherapy. 25 years of keeping horses, and competing at Eventing. A proven track record of helping a variety of equines for many ailments. And she had other useful qualifications beyond equine hydrotherapy, including other equine therapies.
It can be human nature not to shout about our skills and experience. Are people that bothered? In a word, yes! But only if these skills and experience are applicable to them.
For instance if targeting horses competing in eventing as clients. You could point out that:
- As an eventer, I understand how keeping your horses legs healthy is essential.
- My 10 years experience of helping event horses with hydrotherapy. And special interest and knowledge of equine leg injuries.
- I'm able to design rehabilitation programmes to help horses recover from leg injuries.
- Use hydrotherapy to prevent equine leg injuries.
- This all means I can help you to help your horse to be as healthy as possible".
Not complaining. Being present in the situation and visualising a positive future can help you avoid getting stressed.
- Get your notepad and write a list of all your qualifications.
- Write down all the jobs you've had. For these jobs make a list of the skills you've gained in these.
- Write down too your hobbies and interests.
- Use a highlighter to mark out the keywords and key skills, qualifications and experience you have.
- Look at your list with positivity. You are unique. All of what you've written down is your unique selling point.
- Reflect your unique service offer in your marketing. So create some social media posts. Update your website. If you've fliers or posters or cards.
How to Get Confidence Running Your Equine Business
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About The Author
Suzanne Harris is an equestrian and canine entrepreneurial coach and consultant to veterinarians who want to help prevent animals being affected by domestic abuse.
PS: You can find more equestrian and pet care themed business articles over at my Linkedin, see more here https://www.linkedin.com/in/suzanne-harris-mcmi/detail/recent-activity/posts/