Your business idea is brilliant. Nobody else is doing it. Youve got no competition. Its sure to be a gold mine, right?
Maybe.
One mistake many new businesses make is thinking that just because nobody else is doing exactly what theyre doing, their business is a sure thing.
The smart thing to do is ask yourself why isnt anyone else doing it? Its possible that nobodys selling cod-liver frozen yogurt in your area because theres simply no market for it. Ask around, talk to people, do your market research. If you determine that youve got customers out there, youre in good shape.
But that still doesnt mean theres no competition.
There may not be another cod-liver frozen yogurt shop within 500 miles. But maybe an online distributor sells cod-liver oil to do-it-yourselfers who make their own fro-yo at home. Or maybe your potential customers are eating frozen salmon pops right now.
Dont think of competition as only other businesses who do exactly what you do.
Read more…