Friendly Competition

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Recently, I was giving a lecture about the saturation of themarketplace with certain professions.  Mysuggestion was to do some research to see if the market could sustain all thesame profession.  Are there enough peoplethat want that service?

As much as I try to encourage business owners to branch outto under utilized locals, there are still those that want to stay local.  I can understand the need to work, play andlive locally.  Not only is it good forthe environment, but also cutting down on commute times creates less stress.

My suggestion was to reach out to the local competitors.  This is important for a few reasons.  Predominantly, this is a great way tonetwork.  In your profession you may havea focus that is different from your competitors.  Because of this, you may want to set up areferral system.  This will lead to happyclients for everyone, and a professional atmosphere that clients willappreciate. My friend likens this to when you go to a hairdresser, and the newhairdresser tells you all the things wrong that the old hairdresser did.  There is no need for this, especially if themarket will support everyone.

Next, competition makes you do better.  If your competitor does something differentlythan you, then evaluate it.  It may besomething you can improve upon or it may be something that you feel you dobetter.  Either way it makes you staycurrent, and your business significant.

One step further would be to form a group with yourcompetitors.  You could bring about localimprovements; perhaps sponsor an intramural sports team.  By banding together you help your professionand the community at large.