Finding a business with NO competition

[buckwild]

How do I find a business with little or no competition?

I'm looking to find a niche I can dominate.

Any suggestions?

 

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[Darkside]

How do I find a business with little or no competition?

I'm looking to find a niche I can dominate.

Any suggestions?

Here are a few suggestions:

1) intelligent robots

2) flying cars

3) genetically engineered dinosaurs that are brought back to life and put in an amusement park for people to enjoy. You can call it Jurassic Park.


I'm not trying to mock you. I'm just trying to point out that there are plenty of good ideas for business with no competition at the moment but the reason why no one is doing those things is because the technology is not there yet or various other reasons. Starting a business with no competition opens you up to a lot more struggle and difficulty in trying to make it successful and the moment it is successful other people will start competing businesses. It's better to find an area that's already established but with the ability for much greater growth and use an innovation to attract customers to you. Don't waste your time searching for the holy grail.

 

[Motivated]

I believe you need the competition to push you to be the best you can be.
If you want to dominate the competition you have to be the best at what you're doing and offer the best service then the consumers will have no choice but to se your services.
Find something you are passionate about in an area you think (or know) you can do better or different, and offer the consumers something that the competition isnt providing for them.
Theres your niche right there.

 

[Forza]

I reckon it's pretty intelligent to avoid existing competitors if they are well established because they are generally much more capable than any small start up. But I find discovering a niche to be very difficult because it seems like any problem we have already has a solution that's being adequately provided by plenty of businesses, and anything that doesn't, can't be solved very well because no one has sufficient knowledge or developed the technology yet.

But, there could be a niche to be found anyway. Maybe there's a recurring problem that no one has seriously tried to solve in your own life? What problem do you personally have that won't go away, that a lot of people have? People might tell you their problems too, if asked.

Or you could take a look at a trend, e.g. gold mining, and see what gold miners need?

Or you could take an existing solution, then see if you can apply it elsewhere or in another way? E.g. Take car tyres, and use them as a wall barrier on a race track.

 

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[Darkside]

I reckon it's pretty intelligent to avoid existing competitors if they are well established because they are generally much more capable than any small start up. But I find discovering a niche to be very difficult because it seems like any problem we have already has a solution that's being adequately provided by plenty of businesses, and anything that doesn't, can't be solved very well because no one has sufficient knowledge or developed the technology yet.

But, there could be a niche to be found anyway. Maybe there's a recurring problem that no one has seriously tried to solve in your own life? What problem do you personally have that won't go away, that a lot of people have? People might tell you their problems too, if asked.

Or you could take a look at a trend, e.g. gold mining, and see what gold miners need?

Or you could take an existing solution, then see if you can apply it elsewhere or in another way? E.g. Take car tyres, and use them as a wall barrier on a race track.

Finding a niche in an existing market and exploiting it is actually much easier than trying to come up with a revolutionary business idea. Most companies that start a new type of business usually don't last very long anyways since competitors immediately learn from what that person did and apply all of their positive attributes while adding new concepts that the original person never thought of, thereby overtaking them.

For example, MySpace was the first big social networking site and Facebook started in 2004 and now it's the most viewed site on the internet and MySpace is a relic that no one uses anymore. Similarly, Yahoo started years earlier than Google but now Google is the search engine powerhouse and Yahoo is a minor player trying to stay afloat. Google introduced new concepts which the people over at Yahoo hadn't thought of or were too slow to implement and now because of that Google is on top.

I would suggest going into an area that's just starting but where there isn't that much competition yet. For instance, don't try to start a cell phone company because there's already too much competition and that kind of business takes way too much money to get off the ground. Read business magazines and websites about new businesses and think how you could change them slightly to make them better and then go about trying to beat those companies by applying their system and improving upon it.

 

[Anon3587x]

How to dominate any market no matter how fierce the competition?
Just get rid of them!
EXTORTION! Hooah!

 

[biophase]

How do I find a business with little or no competition?

I'm looking to find a niche I can dominate.

Any suggestions?

Usually there is a reason there is nobody in the niche. It's usually because there is not enough money to be made. I heard a story about a person who made a great device for horse trailers and spent $20,000 on the product and website. He was #1 in google from day one but got no sales. He hired an SEO/SEM expert to help him only to find out that only 200 people a month searched his term. The SEO/SEM person couldn't help him because he could rank #1-#10 on google and still wouldn't help his sales as there was no demand.

BTW, you could probably dominate the niche I'm talking about but do you want to?

 

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[Forza]

Finding a niche in an existing market and exploiting it is actually much easier than trying to come up with a revolutionary business idea. Most companies that start a new type of business usually don't last very long anyways since competitors immediately learn from what that person did and apply all of their positive attributes while adding new concepts that the original person never thought of, thereby overtaking them.

For example, MySpace was the first big social networking site and Facebook started in 2004 and now it's the most viewed site on the internet and MySpace is a relic that no one uses anymore. Similarly, Yahoo started years earlier than Google but now Google is the search engine powerhouse and Yahoo is a minor player trying to stay afloat. Google introduced new concepts which the people over at Yahoo hadn't thought of or were too slow to implement and now because of that Google is on top.

I would suggest going into an area that's just starting but where there isn't that much competition yet. For instance, don't try to start a cell phone company because there's already too much competition and that kind of business takes way too much money to get off the ground. Read business magazines and websites about new businesses and think how you could change them slightly to make them better and then go about trying to beat those companies by applying their system and improving upon it.

There were several competitors going against MySpace and Yahoo. I guess those competitors tried to compete for similar customers, but MySpace and Yahoo probably adapted and beat them as well established companies do. So I don't think it's necessarily easier to come in later. Facebook and Google found an edge and are just the exceptions who managed to win, and now new competitors would be foolhardy to try and beat them.

But if your company has an adaptation that exceeds a competitor's ability to adapt, then you yourself wouldn't consider them well established, and you should probably have a go.

 

[exon]

Uncontested markets are usually uncontested for a reason. All new software developers often experience this problem. When you find solution to unknown problem then you are forced to discover this problem to lots of people. People are accustomed to that way of functioning of whatever and thay do not have habit for your new invention.


I think that only few of this new visions or new tehnologies result in great succes.

There is no need to dominate the market (unless your ego does not allow otherwise) if you want to be successful. There is need for efficiency and better monetization.

I had experienced this problem in the majority of my businesses -- always want to be first in market and dominate -- and I always use proven methods (not new invention) but it was new for my market. People didn't had a habit of using my product or service.

Of course, if you can make a car that runs on water - I'll be your first dealer!

 

[Knightsman]

What happened with me, is I would come up with ideas, and find out there are a bunch of people already doing it. And it seems that slowly I came up with fresh ideas, and the amount of people already into it got smaller. That when I started getting excited again. I recently got a new idea, and barely anyone has tapped into the service, and its predicted to be a multi billion dollar industry by 2020.

I think a lot of this is from me learing what works, what doesnt, what people need, and would pay for. As I figured this out, my ideas became smarter.

 

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[Halli]

no offense but if I knew how to find them then I'd keep that to myself But are you doing your research? Using Micro Niche Finder or Market Samurai? How are you looking for your niches? Anyway I recommend watching this video

David Heinemeier

 

[bflbob]

I'd go with Chocolate Covered Anchovies.

The market is wide open on these!

Honestly, I agree with Biophase.

Find the competition, and beat them.

 

[MJ DeMarco]

How do I find a business with little or no competition?

I'm looking to find a niche I can dominate.

Any suggestions?

I didn't read the responses following so pardon my brevity, I'm kinda running on overdrive here ...

Competition is everywhere and it is a fact of business. Very rarely will you find an untapped market ... the opportunity lies in taking something being done and do it better. The game is won in the KING of the game and that is execution. Find something, make it your own, and do it better. When I started my internet company, I thought I was the only one doing it -- after researching the space, I found out I wasn't the first but one of twelve. What separated me from them was that I EXECUTED better.

That said, this doesn't mean you can't create a new industry on your own, or a new niche, or a new idea. If you focus on this only, you really are closing yourself off to MILLIONS OF OPPORTUNITIES. The difference of focus will mean you will have few opportunities versus an abundance of them. Seek to be a great executor.

 

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[Darkside]

I didn't read the responses following so pardon my brevity, I'm kinda running on overdrive here ...

Competition is everywhere and it is a fact of business. Very rarely will you find an untapped market ... the opportunity lies in taking something being done and do it better. The game is won in the KING of the game and that is execution. Find something, make it your own, and do it better. When I started my internet company, I thought I was the only one doing it -- after researching the space, I found out I wasn't the first but one of twelve. What separated me from them was that I EXECUTED better.

That said, this doesn't mean you can't create a new industry on your own, or a new niche, or a new idea. If you focus on this only, you really are closing yourself off to MILLIONS OF OPPORTUNITIES. The difference of focus will mean you will have few opportunities versus an abundance of them. Seek to be a great executor.

Also, even if he comes up with a great new idea that no one has thought of yet and implements it, that still won't protect him from competition. Other businesses will immediately be created that will compete with his. Someone in business shouldn't be afraid of competition; recognize it and try to defeat it through offering a better service and a good advertising campaign; no matter how good your service is, it won't do you any good unless people know about it so get the word out through ads. Google and other pay per click services are the best way to do it because you're only paying for results.

 

[Guest3722A]

Find a market that's heavily in demand but already saturated and figure out a b2b for it.

An example would be the printing industry as printing services are always needed but instead of becoming a printer, become a print finisher (b2b), or a local supplier (b2b). Or, get certified in specific print machine repairs (b2b).

Obviously it helps to really know an industry as I did when I opened a rehearsal hall for bands and musicians. At the time there was only one other but on the West side of the city and I was on the East side, and naturally, 3 others opened up after I opened mine! But with this type of business I also thought about bands that wanted to tour so I considered getting a couple rv's or a bus... BAM! instant business with demand that nobody else was doing.

They're out there...just gotta be creative in finding em and make sure the numbers work, and make sure it's something you would want to do.

 

[Forza]

I think we are all pretty much in agreement although maybe I didn't make myself very clear. Instead of looking for NO competition, it's better to look for no REAL competition within a niche. Of course, no competition in solving a common problem is best, but there's always going to be competition. We just have to be sure as possible that we have the edge.

 

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[Jonleehacker]

One way to find a business with little or no competition is to be good at spotting new trends.

 

[buckwild]

Thanks I was looking into different online research tools. Those hit the nail on the head.

 

[buckwild]

Good advice.

 

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[hakrjak]

I have a small mail order company that was once a much larger mail order company. We sold widgets from China that nobody else sold online. At first there was no competition, and I was making around $10,000 per month. Then slowly over time the revenues dropped to $8k, then $6k, then $4k, then $2k, then $500 a month, and eventually almost zero. The cause? Competition.... People saw what I was doing and copied my business model exactly... Some executed much better than I ever did -- and basically put me out of business.

The moral to the story? Don't look for a business with no competition.... Look to enter a market where you can execute better than the existing players, and take market share from them!

- Hakrjak

 

[lightning]

Good advice in this thread!


Darksides first post (about Jurrassic Park) cracked me up! LOL

 

[MJ DeMarco]

I have a small mail order company that was once a much larger mail order company. We sold widgets from China that nobody else sold online. At first there was no competition, and I was making around $10,000 per month. Then slowly over time the revenues dropped to $8k, then $6k, then $4k, then $2k, then $500 a month, and eventually almost zero. The cause? Competition.... People saw what I was doing and copied my business model exactly... Some executed much better than I ever did -- and basically put me out of business.

The moral to the story? Don't look for a business with no competition.... Look to enter a market where you can execute better than the existing players, and take market share from them!

- Hakrjak

Have you talked about this here at the forum before? I didn't know this ... this is definitely a story you'd want to post as there are probably some great lessons you learned, and that all of us, could learn.

 

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[Ynot]

One thing that we do at my company is a process called whitespace mapping. (why I can do this for a corporation but not for myself is beyond me) Basically it is a process of listing out market needs in one column, and then listing advances in technology in a second column, and then cross linking the two to see if there are any potential market "white spaces."

For example, a list of market needs for retirees:
managed care
asset management
estate planning

A list of advances in technology:
social networking
mobile web
biometrics

Then, you analyze each item in the first column with each item from the second column, brainstorming what potential white spaces may exist. Such as, how can advances in social networking be used to advance managed care, and is there an edge we can capitalize on? How can advances in the mobile web be used to improve managed care... etc. Repeating for each item.

You can arrive at some really great break-throughs this way.

 

[Darkside]

I have a small mail order company that was once a much larger mail order company. We sold widgets from China that nobody else sold online. At first there was no competition, and I was making around $10,000 per month. Then slowly over time the revenues dropped to $8k, then $6k, then $4k, then $2k, then $500 a month, and eventually almost zero. The cause? Competition.... People saw what I was doing and copied my business model exactly... Some executed much better than I ever did -- and basically put me out of business.

The moral to the story? Don't look for a business with no competition.... Look to enter a market where you can execute better than the existing players, and take market share from them!

- Hakrjak

Yup. If competition isn't there already, it will quickly materialize the moment you enjoy some success. So, there's no point in trying to avoid competition by starting a business in a brand new area; it's much better to analyze the competition and improve upon what they're doing. You won't have the entire market but you can get a sizeable share, which is better than getting 100% share of a crappy market or watching as dozens of other businesses pounce on the idea that you came up with and take away most of your customers.

 

[Darkside]

Good advice in this thread!


Darksides first post (about Jurrassic Park) cracked me up! LOL

I try to bring a little humor to the forum when I can. :smxB:

 

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[biophase]

Yup. If competition isn't there already, it will quickly materialize the moment you enjoy some success. So, there's no point in trying to avoid competition by starting a business in a brand new area; it's much better to analyze the competition and improve upon what they're doing. You won't have the entire market but you can get a sizeable share, which is better than getting 100% share of a crappy market or watching as dozens of other businesses pounce on the idea that you came up with and take away most of your customers.

Definitely, I got into a few markets with no competition last year which are crazy right now. For example, I picked up a direct type in 3 word domain last Sept. I instantly ranked #10 for the term. Now I think I'm around 55 because I havent done any SEO.

But to give you an idea of the competition. All the domains are taken and the top 20 sites have domains with my 3 words but with dashes, other extensions, etc.. like XXX-XXX-XXX.com or XXX-XXX-XXX.info or buyXXXXX.com, getXXXXXXX.com etc...

BTW, my 3 letter type in for .net is still available, .org and .biz are not, weird :huh2:

I guess I should go buy it now. :smug2:

 

[Russ H]

One way to find a business with little or no competition is to be good at spotting new trends.

This is how I first became an entrepreneur.

I was doing "installs" (what I called 'em) before the custom home theater/sound trend hit.

When the industry started getting going, I was already an "old timer", having done it for years.

Almost overnight, I was on the board of directors of the first trade association for the industry, then an officer.

And I founded the "home theater committee" (back in 1989), that brought together the electronics manufacturers w/folks like Dolby Labs, Lucasfilm THX, and Paramount Pictures. We worked together to develop the first set of home theater guidelines.

This was an amazing time in my life-- I was a bit of a "rock star" in a tiny, tiny niche industry. I got to meet and work with many of the people I'd looked up to since I was a kid. I worked at Lucasfilm, ate next to George Lucas at lunch, tho never met him-- staff told me he truly valued his privacy, and I respected that. I attended first-time world premieres for movies at Skywalker Ranch that they'd just finished mixing, w/George in the audience. I met Ray Dolby, worked w/Dolby Labs for years, and even taught a high-end workshop on home theater design that was sponsored and held at Dolby Labs. I also met some lesser known folks that were superstars to me: Gary Rydstrom, Gary Rizzo, Floyd Toole, Tomlinson Holman, John Singleton . . . I could keep on going, but you get the idea.

I also got to work side by side w/Disney imagineers, as the Project Designer (ie, head dood) for an exhibit that went into Epcot called "The Ultimate Home Theater Experience". The exhibit was originally only designed to be open for 3 years, but it was so popular that, at the 3 year mark, Disney got Roger Ebert to record an intro for the guests, and it ran for another 4 years.

I was interviewed and quoted in virtually every newspaper and magazine I'd ever aspired to be in: Arch Digest, Arch Record, Metropolitan Home, Home, Better Homes and Gardens, Mademoiselle, Elle Decor, This Old House, The Robb Report (7 times), Audio Video Interiors, Home Theater Magazine, The New York Times, Christian Science Monitor, LA Times, Wall St Journal (4x), and many, many others (over 135 total). There was even a design show (i design) that featured me as a groundbreaking designer-- on the same show as Dean Kamen (inventor of the Segway).

I gotta say-- recognizing and being at the beginning of a trend is one of the coolest things I've ever done. It was the ride of my life. :banana:

-Russ H.

 

[exon]

Here is what happend to me in biz without competition...

I was one of the pioneers in the chiptuning business in whole region (1998 ~ together with common-rail Diesels). Equipment for that kind of business is very very expensive.

To make long story short - I was expert in that field. when others have seen that they can earn $400~500 usd in hour or two (per vehicle) or even much more on yachts and trucks, market become crowded. Crowded with cheap trash software and products and price went down.

Well, I knew then that people will see that this is trash, just need some time... but my business didn't survive that period. They f*cked up whole industry in general. People began to think "this is bad" - "I do not want this shit" etc.

Then came the big players. They have money and konw-how.

On the other hand, a good friend of mine started same business when I started with no more capital then me, and he still continue doing a good business (ca. $10k/mo Net).

For him I am a Ph.D. in a specialized knowledge in automotive software and electronics. What he did diferent from me is this:

1) Hire one of the best software developer from Germany (and pay him with ~20% of software sold amount)
2) Hire business consultant
3) Hire marketing consultant
4) Make good joint ventures with houndreds od car dealers and workshops

He was able to do so because the sources already existed, but somewhere else (Germany in this case). Someone in Germany has already paid the price of new idea. I know for few companies in Germany that make $500k+/mo. net from this business today in software development. So, chiptuning software development is very fastlane business.

I think that people who have great new idea or breakthrough are usualy not good entrepreneurs. They are to excited about their new invention. Just like these:

Elias How invented invented sewing machine and died poor.
And consider Mozart. He wrote the world’s greatest music, yet died penniless.

 

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[theBiz]

I used to think like this but now i realize you want big competitive markets, it is where the money is. Everything has competition and if you can not handle that off the start it will slowly break you down later anyway. Take big competitive markets and break them down into different niche markets and treat them differently. Good luck.

 

[Gaulkin]

There out there, you just have to search for them.