“If you are genuinely ground-breaking there may be no competition, but if you think that then probably you’re either looking at product and not demand, or there is no demand.” Source unknown
When someone says they have a unique business idea, they probably haven’t done enough research. It’s very unlikely that a business idea has not been thought of by someone else, but that’s not a problem in itself.
New entrepreneurs often feel they have to be original to be successful – they take the marketing phrase ‘unique selling point’ literally. But a business set up in a competitive field – a coffee shop for example – at least knows there’s a market for the products on offer.
Coffee shop promotion by the biggest brands is also promotion for coffee retailers everywhere. This means the independents don’t need to establish demand and, while creating brand recognition and winning customers from the big players is harder, creating a better offer than other providers is the same for most start-ups.
How the independents are taking on the chain coffee shops https://www.theguardian.com/small-business-network/2017/nov/14/move-over-starbucks-the-indie-coffee-shops-battling-it-out-on-the-high-street
For other Trade Secrets in this series, go to https://enterpriseessentials.wordpress.com/category/trade-secrets