There is one main questions that come up with new freedom business builders as they are picking the audience and market they will create value for. I’ve heard it over and over for the last 8 years. I think it comes up because somewhere along their journey, someone told them competition is bad.
“What if there are a lot of competitors in my chosen market?”
My reply is always, “GREAT! That is exactly what you want to see!”
Most people make a very common mistake to think that they have to find a unique market with no competition.
This is a mistake for a couple of reasons.
- We suggest there are at least a couple “competitors” in a market you are looking into, so that you have more of a certainty to know there is money in the market.
- You have no competition.
Number 2 usually gets a wrinkled forehead and raised eyebrow.
“Wha… I just said that there is a LOT of competition… and you say there is none…?”
Okay, stick with me, this requires a counter-intuitive mindset shift.
The traditional notion is that if someone is selling the same THING as you, they are your competitor. Now, in many parts of the business world, this is correct. If someone sells a DVD player and you sell a DVD player, they are your competitor. Then you simply have to become a master of push sales and marketing to show why your DVD player has better stuff than the other.
Thankfully, we are not in that business. For us, it doesn’t matter if it SEEMS like we sell the same thing as our “competition”. It’s much easier to teach people we are NOT selling the same thing.
We don’t have competitors, we only have potential collaborators
In our business model of you being the influencer of your chosen market and you creating the value directly for that market, we don’t have competitors.
The mindset shift is this, YOU are part of your product and no one else can replicate that. This means that even if you sell similar information as someone else, there will be YOU mixed in. You will pick different angles, stories, examples and topics to focus on and have an all around different recipe for your product. You will have your style of teaching and personality that some people would pick even if you have the same education product as your potential collaborators.
For instance, if we wanted to go onto other podcasts about starting an internet business, we could focus on the things we have that no one else does, like the Single Motivating Purpose. No one else has that, cause we created the term and the recipe for how to find it. We can give great value to our potential collaborators blog and podcast audience without sounding like we are selling or doing the exact same thing.
Potential collaborators are AWESOME!
Now, when you see
competitors potential collaborators in your market, you can rejoice! Now it’s just a matter of seeing if you can like and trust them enough to join up and work together. When you decide to collaborate, this can look like:
- Offering to write a guest post on their site or finding their unique angle and allowing them to write content for you.
- You can offer to be interviewed on their podcast or interview them on yours.
- You can have them teach a module in your membership site about something they know how to do and you might not and vise versa.
We’ve done all 3!
Had we thought of everyone in our market as competitors, we would have done none of those things and missed out on the friendships we have with people that look like they could be competitors, if we had the old traditional notion.
This mindset shift will make it so that you look at a market with new eyes and have no fear of competitors, in fact, you’ll be glad if you see so many potential collaborators!