can you be successful in a competitive environment

building

we currently at looking at relauching a business and not sure which idea to run with (there are quite a few as we see opportunities every day!). we are currently working in a field which has become very competitive over the years (a lot of new entrants) and wonder whether we should carry on down this route particularly as there are also so many other areas we are interested in. we are now looking a business plan either way to work more effectively (we shoudl have done this from the outset).
should we remain in an area that we know well or should we try with one of our other ideas? any tips or where to get more advice would be greatly appreciated as am getting very stressed with not taking a decision! we will also try our local business link and see what they have to say but so far on other things they have not been that useful. thanks in advance.

MDUK

This really depends on what you are going to differently from your competition, what is your Unique Selling Point (USP), your differentiator?

Why would customers choose you, are you faster, cheaper, do you have a higher quality product? In a competitive market your USP will be crucial, if you don't have one then you simpy will not survive. Even if you do have one, that is no guaranteee of success. It has to be meaningful to your potential customers and of course they need to know about it. How are you going to market yourself, how are you going to get new business?

Whether you relaunch in an area you know or start a new area your business plan will be crucial. It should not be considered a chore, this is your opportuninty to research your market, your competition and your customers. If you really want to know the answer to your question you will have to research both areas to find out which has the best potential.

Many businesses that fail simply have not done the groundwork. It can be diffulcult, time consuming and potentially costly to do it properly but it WILL help you avoid many of the pitfalls ahead.

As far as info is concerned you have to start at Business Link, i don't always rate them that useful for anyone that has a little business knowledge but they are best postitioned to know what is around that will be of use to you. Such as grants, training courses etc. The trick is to keep in touch with them, you will find you get much more out of them than you will from one visit.

You may also want to consider a businees mentor, do some research on the web ask business link but remember they are not going to give you the answers, they are a sounding board. Try and get one on reccomendation rather than blind though.

Put the groundwork in and you will find out for yourself if either of your ideas is worth following through.

lush_walrus

Of course you can survive and do well in a competitive market, most markets are just that. All that happens is supply and demand continually weed out the worst of the surviving companies. So if the market can only take 20 companies doing a certain thing and there are 25, if the companies cant all survive with the added new companies then the bottom 5 will be pushed out.

I would never be put off by being in a competitive market, if you are good, competitive and know what you are doing you will survive. Better that than go into something you think you know about but havent experienced. Could end up that that industry is actually saturated too, and you go in at the bottom, soon to be pushed on.

buglawton

It's amazing how many established leaders in each field forget to look after their customers in service terms or the product design. As soon as a company gets large and polarizes into low paid workers witn no say vs owners who think its time to relax their lifestyle, this happens. So, ALWAYS a chance for serious new entrants!