You’ve spent months, perhaps even years, creating your delicious offerings and making them fly when, all of a sudden, some new kid rocks up doing the same thing.
What do you do?
Well, obviously, you have an endless list of options.
(NOTE: I’m assuming this business is not impinging on copyright nor stealing anything that belongs to you in this post)
Let’s start with what you shouldn’t do when someone opens a business just like yours:
1. Don’t set out to destroy this new person.
Whilst you may feel like screaming “Bring it on bitch!” as you put on your best fighting gloves, going out to take someone down will hurt you, and your business more than words can describe.
2. Don’t take it personally.
When your business is your baby that you’ve taken through all the developmental milestones you need to be honest with yourself and accept that, there is no such thing as an original idea and no one can rock your business the way you can. (Psst! Chances are there’s more than enough room for you both in your market.)
3. Don’t try changing your business to compete directly with them.
They might be coming into the market cheaper than you, let them – don’t use this an excuse to drop your pants on your prices. Don’t fall into the trap of being reactive to their moves in the market as this will only distract you as you’ll be paying more attention to your competition than your own business plans and goals.
Ok, so what should you do when a new business moves in on your turf?
1. Remember what your business is all about (and celebrate your differences)!
You have grown your business to what it is today. You’re rocking your own voice, your secret sauce and probably have carved out a cosy niche for yourself. Look at your achievements, praise etc … know your worth and make sure your target market are aware of these.
2. Think of it as a great opportunity to up your game
All too often we get comfy – you get lazy with launching new things, or promoting things you’ve already created. You stop actively pursuing that 3rd party attention you so desperately crave! This is actually a great opportunity for you to revisit all your plans and ideas to see which ones can be implemented and which can filed away. Whatever you do, make sure your plans are based solely on what your business NEEDS not as a knee-jerk reaction to the new kid on the block.(I just had a long conversation with a client based on exactly this, she wailed “But, I can’t make the same collection as she has for the same price without losing money, what do I do?” my response was “Why would you make them anyway? It’s not what your customers expect from you”).
3. Remind yourself that there is plenty of business to go round.
Ditch that poverty mindset where you feel that there isn’t enough money or business to go round. Chances are, if your new “competition” is cheaper than you that their customers/clients aren’t yours anyway!