(Pulse Check #24) – Competition is a good thing

Most new business owners make the mistake of thinking that competition in their area means they shouldn’t start a business.  They’ll assume the market is saturated and they shouldn’t start a business.

It really means that there are customers in that area willing to spend money on that product or service. This is a good thing.  That other “competing” business has already done a lot of the work for you by validating the marketing.

When I started my clinic, there was already someone down the street doing infusions, but I quickly saw a big problem with their clinic.  I kept hearing from patients that they weren’t picking up the phone so that patients couldn’t schedule an appointment.

I set myself apart by answering or returning calls quickly.  This helped me build an excellent reputation and build trust with those patients. Many of them had been previously going to the other clinic.

Opening my clinic was a massive benefit to those patients because I provided a better experience.  

That’s what competition does. It forces us as business owners to improve and do better for our patients. It doesn’t prohibit us from starting nor does it mean our business won’t be successful.

I bet your town has multiple barbershops, grocery stores, flower shops, and a whole variety of different businesses.  Each business is a little different and is trying to serve a different portion of the population.

Your business should be no different.  Whether you choose to be the high-end business serving the affluent population, or you want to focus on athletes in your area or create an income-based offer and help those in need.  

The key to success is finding that unique way you want to serve a specific group of people and focus on that.  When you do this, your competition becomes irrelevant.

I hope that gives you something to think about if you’ve been worrying about there being other clinics open in your area or you think there’s too much competition.

-Jason Duprat, MBA, MSA, CRNA