Competition isn’t all it’s cracked up to be. Sure, it’s nice to know what your competitors are doing, so that you can ensure you are evolving along with your industry and offering your clients the best possible services, and keeping an eye on what your closest competitors are doing is a great way to figure out how to best set yourself apart. But here’s the thing: constantly worrying about what everyone else is doing is a surefire business killer.
Want to strike a perfect balance between staying in the loop and letting competition kill your mojo? I’ll show you how!
I’m a business coach, and it’s no big secret that we’re about a dime a dozen. There are about 302834293 business coaches on Facebook alone, running Facebook ads and promoting their services in Facebook groups.
Does this freak me out? I don’t think so! Do I wonder if there’s even a point in adding myself into the mix? Absolutely not! Is there ever a moment where I want to punch my competition in the face? Well…
NO!
I feel privileged to be a part of the business coaching tribe.
The amount of competition doesn’t scare me, because I believe there’s enough business to go around! I’m different from the 302834293 other business coaches. I have different strengths, focus on different things, charge different prices, and am targeting a different audience.
It doesn’t matter if you own an ice cream parlor, a casino, or a florist, no other business is quite like yours!
Perhaps you have unbeatable customer service, or you offer special perks that can’t be found anywhere else. It could be that you’re just SO FREAKIN’ FABULOUS that people are drawn to you for the pure fact that you’re you!
No other person on the planet is just like you, and it only makes sense to compare apples to apples, right?! You may be just starting your journey, while someone else may have started theirs 32 years ago. Comparing yourself to someone you truly don’t know much about is just plain silly; you’re only setting yourself up for misery!
Seriously, stop worrying about what other people are doing, and stop giving a single ounce of energy to people in your industry that question the way you do business. If your prices are different than the norm, but you’re still operating legally, ethically, and profitably, who cares! Your business is about you, and your clients. It isn’t about Nosy Nancy two towns over that claims you’ve single-handedly ruined her business with your low prices (although, perhaps if you’re doing really well at those lower prices, it may mean it’s time for an increase!).
Similarly, stop placing the blame for any problems your business has on anyone but yourself. If your business was doing great until a newer, cheaper business popped up offering the same services, perhaps it’s time to reevaluate your business. How can you market yourself in a way that appeals to people and makes you the obvious choice? Is there a product or service you could add to the mix that would really make you stand out?
If a newcomer freaks you out, perhaps it’s because you know there are some thin spots in your business model that could be busted open by your competition and leave you exposed and vulnerable. Say you’re a photographer, and you know your editing skills are mediocre, but there really isn’t anyone in your area that is much better than you. Suddenly, a new photographer comes to town with a sick set of skills, and you’re left shaking in your boots, wondering what will happen when your clients see what they’ve been missing out on.
I think it’s important to always use fear as a great opportunity to take stock of your skills and feelings. If a newcomer makes you nervous, sit down and ask yourself “what about this new business is making me upset?”, and be honest with yourself.
If you realize there’s a part of your business that isn’t strong, figure out how to fix it. Grab your yummy Butterbeer Latte and make a plan!
It’s all about confidence, darling.
When you make it your mission to run a fun, profitable business that focuses on your needs and the needs of your clients, and you’re constantly acknowledging your strengths and taking time to improve your weaknesses, you’ll be in good shape! Running a business is all about confidence.
If you need a little crash course in confidence, check out these helpful resources:
50 Things You Can Do To Improve Your Self-Esteem
10 Confidence Boosters That Work
6 Ways to Kick Your Negative Thoughts To The Curb
Do you ever struggle with being a confident business owner? Share your struggles with me in the comments below!
Latest posts by Kimberly Haydn (see all)
- Holiday Hacks + How to Have a Good Enough Christmas (and LOVE it) - December 5, 2018
- Increase Summer Sales with These Marketing Ideas! - July 4, 2018
- Seasons of Change: Navigating Building a Business while Raising Your Children - September 24, 2017