One of the most important aspects in starting a new business is understanding just who you will be competing with.
My wife and I took a walk this evening downtown (it was a beautiful fall night here in the north).
We noticed that what I always thought was a very popular coffee house, had gone out of business.
We wondered what could have happened.
It could be many different reasons but my guess is that the competition from another coffee shop just around the corner may have been the culprit.
It's bigger, better location, more activity with special events (music and what not).
Maybe this had something to do with it.
What if they had done something "different"? Just off the top of my head, how about: * Poetry reading * Tea for Tea drinkers * Different kinds of music for all of the aging hippies in the area.
(there are a lot of them) * How about scouting out the other guys to get ideas to be different? * What else? Understanding the competition is key to growing a solid business.
I'm sorry to see that place go because I personally liked it better than the other place.
Hey, wait a minute, here's a thought, why did I like it better? * It was smaller * It was quieter * The people were friendlier * The people there seemed less pretentious.
Now, I'm no expert on coffee houses, but I know what I like, I wonder if there are others who share my interests? Are there enough of that type to sustain a business? These aren't answers, just food for thought and to get the old inspiration flowing.
Now, how about your business competition? What makes you different? Building a niche business demands that you be different than the other guy(s).
Think it through.
You may be surprised where it will lead.
Perhaps to a type of business that you haven't considered and just maybe more fun and profitable.