While it\u2019s natural to carry some disdain for those with whom you\u2019re fighting for dollars, a better approach is to embrace competition and use it as motivation to keep your business fresh and interesting, the Entrepreneur.com article \u201cWhy Hating the Competition Will Get You Nowhere\u201d explains.<\/p>\n
You can dislike your competition all you want, but it\u2019s not going to make your business any better. However, competition should motivate you to make your business better. Specifically, it forces you to focus on differentiation and execution. You must be able to clearly articulate and deliver your differentiation to succeed in a cutthroat marketplace. What makes you different and better than the competition? If you can\u2019t answer that question, you better figure it out, or else you\u2019re going to be in trouble. Perhaps you don\u2019t have much competition in your area and you\u2019re doing pretty well, but that could change in an instant. You\u2019re going to have to step up your game if a new salon moves in tomorrow.<\/p>\n
Along with pushing you to differentiate, a little competition can actually be beneficial in several ways:<\/p>\n
Brings validity to the space.<\/b> When there are several competing businesses in your local area, it validates your industry as a whole to your market. And even if it\u2019s coming from a competitor, any promotion of tanning to your potential customers is a good thing.<\/p>\n
Allows you to learn from their mistakes. <\/b>If you\u2019re keeping a close eye on the competition, as you should be, you\u2019ll be able to see them make some strategic errors and avoid making the same ones yourself.<\/p>\n
Makes you a more nimble entrepreneur. <\/b>It\u2019s the American way! Competition should inspire you to be more sharp, determined and driven, and make your business the best it can be.<\/p>\n