Why Competition Is A Good Thing

 

Have you ever wanted to start a kids crafting business but decided not to because there is already an art or crafts lady in your area or in your town?  

We received this message from one of our community members recently:

“I would love to start my own kids crafting club but there is already an art teacher in our town and she’s been around for years so I’m scared no one will come to my classes.”

In this video I explain why having competition is actually a good thing.

You can watch the video or read the written version below.

 
 

We’ve all been there, you want to start something and then see there are others out there that are doing something similar and we immediately compare ourselves to them who are much further along than you in the process and then... doubt starts setting in!

The mistake many people make is to think that if you don't have any competition it will make it easier for you to make money.

But I want to tell you today that that is not the case.

Having competitors is a good thing and here's why:

Reason #1. Having competitors proves that people want the product or service and are willing to pay for it.

Having competition means that someone did you the favor of validating your idea for you and has proved that there is demand for it. 

If there is already someone selling a similar kind of service you’re thinking of selling and they’re doing it successfully, then why wouldn’t you be able to? 

If I had to throw this statement around you can think of it like this: if there weren't any competitors out there, it probably would have meant that there are no buyers in the market for the product or service you want to sell.

Reason #2. No one else is YOU

Think of a product of service you or your kids love and support. Perhaps it's a pilates class, or a baking class or yoga or gym or corner bakery. Now think of that business and how much competition they have. But you support them! Why?

Now imagine the person who runs that business thought ‘ahh there is already something like that in my town so I’m not going to open my business’. How sad would that have been? How much would you as a loyal customer and that business owner have missed out on?

If you have a great product or service and you DON’T put it out in the world for those who need it you are doing yourself and the people who need and want it a disservice. 

If people love the experience of your crafting classes, they will stick with you.

Don’t get hung up if there are other competitors in your market, because there are plenty of customers for everyone and we all like to learn from different people. 

Focus your energy on making your business as great as it can be and how you can differentiate yourself. Don’t get obsessed with overthinking and analysing your competitors’ every move. 

Remember that YOU as a person, is a differentiating factor. You have your own unique flair, creativity and your crafting products, lessons and way of doing things differentiates you and your business from others.

Reason #3. Collaboration trumps competition

What if you shifted your mindset to start seeing your competitors as colleagues?

I want to share a quick story with you to show you why I think there is so much more opportunity for collaboration vs competition. 

When my sister and I started our kids crafting club, coming from backgrounds in Engineering and Architecture, we didn't have experience in teaching kids nor in the art space. But we were determined to start a crafting club to teach kids after school.

So guess what we did?

We started reaching out to other clubs in our community. 

Sounds a bit weird right? Here’s what happened next:

We ended up developing relationships with others in the kids extracurricular space, like the drama school, dance clubs and sports clubs as well as with our direct competition - other art schools and arts & crafts clubs.

I know this sounds crazy, but because we truly believe in collaboration over competition a few things happened:

  1. We were able to validate our product because we saw the success that others in the market were having.
  2. We realised what made us special and how unique our offering really was - the focus on STEAM and problem solving skills differentiated us completely from all the others.
  3. As we nurtured the relationships our competitors gained trust in us and started recommending clients to us and still do! 

See what I mean? GREAT things come from when you start seeing your competition as colleagues. Competition should not be seen as the enemy. Someone else does not have to lose for you to be winning.

I know this may all sound counterintuitive, but I promise you having the mindset of collaboration over competition makes the whole process so much more fun.

Support other clubs, develop relationships, promote each other and raise each other up. If the opportunity is there you could even create together. There is opportunity for business to flow both ways.

Closing yourself up and staying in a bubble will not only hurt your business, but it’s antisocial, lonely and just not fun.

Being a business owner can be lonely sometimes and having other business owners that you can connect with and build support structures with can be a game changer.

The bottom line is you should never ever ever stop just because there are other people in your market.

I want to challenge you today to expand your mind and start shifting your mindset from competing to how you can collaborate and support others.

Now, I’d love to hear from you. 

How do you collaborate with competition?
Do you have tips and strategies to share?

Tell me in the comments below.

Until next time,

Christelle

XO

 

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