There are lots of self titled business guru’s that want to tell you the path to success is to offer a new (or radically different) product or service.
“Create a new market, and be the first”
Well, that’s exciting listening for all those people that happen to have a new (or radically different) product or service, but what about all those potential, new or existing business owners that don’t? What if you are a really good bricklayer that’s had enough of working for somebody else? Does that mean you shouldn’t go it alone?
Of course not! Whether you are setting up an accountancy, sandwich shop or builders, there is almost always a gap in the market for another good one. You probably won’t become the largest company in your sector without doing something substantially different or new, but hey, there is enough money in most sectors for a small slice of the pie to be filling enough.
If you go into your venture with a commitment to deliver a great service at a fair price, then you are likely to be a good business. How many people are delighted to find a good accountant that saves them more money than they cost, or a sandwich shop that always makes tasty sandwiches and serves them with a smile, or a builder they can trust, who does a good job and doesn’t leave a mess?
Everybody is. And when people find such a business; they stick with them and recommend them.
If you don’t have a substantially different product or service, then you can certainly differentiate yourself with reputation. Saturated, established markets can be difficult to break into, but if you deliver a great service then eventually you will, and with customer satisfaction, once you are established you are there to stay.
