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Is it a good idea to start a business where there's a ton of competition ?

Discussion in 'General Entrepreneur Discussion' started by Claude Roy, Oct 1, 2018.

  1. Claude Roy
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    Claude Roy Bronze Contributor Speedway Pass

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    Hey Guys,

    I've been thinking about something that I'd love build. It started with a product that found me on Facebook and that I'm using and actually find useful, but I can see some 'twist' that I could add to it, but it's in the food niche where there's a lot of competition. It's in the plant-based sector and that's a niche that I truly want to add value in and it's truly something that I love and want to be part of. The thing like I said is that this business has so much competition but at the same time, I'm like if I could get only 0.1% of the market, that would be enough to work full time on it. I have a few other ideas that would be less challenging I'd say and that could help me potentially to finance that other business later. What do you guys think?

    Thanks,

    Claude
     
  2. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Generally, no

    But if you can outdo them... why not

    But keep in mind whatever innovation you make to make things 'better' your competition may be able to easily steal.
     
  3. Ayanle Farah
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    Ayanle Farah Bronze Contributor Speedway Pass

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    Commandment of entry says to avoid businesses with a low barrier to entry, in other words, if anyone can do the same thing as you with minimal effort it's not a good business.

    Only do it if you're confident you can outperform the competition, even then they could just copy you. In general you'll just make it harder for yourself.
     
  4. Almantas
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    Almantas Nothing to Lose Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Can you offer it for a cheaper price?
    Can you make it more cosmetically appealing?
    Can you make it faster?
    Can you make it bigger/smaller?
    Can you make it cooler?

    ...the list is infinite.

    The point is - define what service/product attributes your customers value most and improve them based on evaluation what's currently available in the market.

    Best of luck comrade! :)
     
  5. Bryan James
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    Bryan James Bronze Contributor Speedway Pass

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    If you can't beat them, join them. Get it patented and sell the patent to a large company for a ton of money. I'd suggest potentially working out a licensing deal.
     
    minivanman likes this.
  6. minivanman
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    minivanman Platinum Contributor Speedway Pass

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    I've never been afraid of competition in my life..... except the food business. Personally I stay clear of the food business after my kettle korn venture. Any other business, I've always done well because I don't look at others as competition because I always know my service or product is much better so they don't compare (in my mind). If I'm not better, I don't do it. If your other ideas are better and not in the food industry, I'd say make one of those your foundation and then you can play with the food idea when you have the money.... but that's just me. :)
     
    ChrisR likes this.

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