Small businesses are booming. In the years following the pandemic, entrepreneurs have realized the immense potential of the internet.
With the use of e-commerce, it’s now possible to start a small business from absolutely anywhere. You don’t have to live near your target market to effectively sell to them.
The online space has also made it easier for entrepreneurs to start businesses on smaller budgets.
With the use of e-commerce, small business owners no longer have to spend tons of money on expensive office and storefront rentals. They can register their businesses using a virtual office or their home address and begin selling right away.
All of this explains why small business is booming. Would-be business owners are more empowered than ever to chase their dreams and bring their ideas to life.
But one thing still holds many entrepreneurs back.
Am I Original Enough?
Many entrepreneurs come up with brilliant solutions to all kinds of problems people face. They channel their creativity into innovative new ideas that can help people live better lives.
But in a world with billions of people, it’s rare to have a completely original idea.
Chances are, if you’ve come up with a good idea for a product or service, you aren’t alone. There are so many people in the world that any solution you may have to an inconvenience has likely already been created in some capacity.
This leads many business-minded people discouraged. They search for similar ideas prior to starting their businesses, see that there are already similar products, and resign themselves to throwing in the towel.
Part of this is understandable.
When you have an idea you’re really excited about, part of that excitement comes from the sense of pride you have in coming up with something unique. It can be a real ego check to realize other people have beat you to the punch.
Likewise, the realization that you’ll have to compete can be discouraging. If you think you have a completely unique idea that solves a common problem, you probably imagine it will be extremely easy to corner the market.
Realizing that you’ll have to win market attention against existing products and services can make it seem like your idea isn’t worth pursuing.
But is that really the case?
Originality vs Refinement
Just because a product or service already exists doesn’t mean that there isn’t room for improvement.
Many people don’t realize that they can win the market against similar products just by doing things better than their competition.
While that may sound obvious, few actually consider this as an option for their business.
There are numerous ways you can go about building your business and winning the market from your competitors.
The first is to simply provide a better product or service. If you create a product with more attention to detail, higher quality matters, or added features that make it more effective, people will gravitate towards your business over the competition.
People want to buy quality products. Focusing on making better products can lead to a successful business, even in saturated markets.
Another option is to focus on your marketing. While there may be a business offering the same products or services as you, that doesn’t mean they’re getting the market’s attention.
If you reach the market more effectively, chances are people will buy your products over the competitions. It doesn’t matter if someone else had the idea first if they haven’t gotten the word out about it.
There are plenty of real-world examples of this. One instance is the growth of Facebook.
You could argue that MySpace was already doing the same fundamental thing Facebook sought to do. Nonetheless, Facebook’s unique features and widespread appeal ultimately won the market, making it the enormous success it is today.
Refining your approach, whether on the production side or the marketing side, can help you build a thriving business, even if you aren’t alone in the market.
Conclusion
Your small business ideas aren’t bad just because someone else has thought of them as well. Refinement can be just as important as originality in starting a successful business.
Don’t be discouraged by a bit of competition. Instead, turn your attention toward doing things better than anyone else. Not only will you win the market, but you’ll help move the world forward by providing better products and services.