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5 Reasons Not to Avoid Starting a Business That Already Exists

5 Reasons Not to Avoid Starting a Business That Already Exists

For an entrepreneur, one of the scariest ideas can be launching a business in a niche or market that already has plenty of competition. Startup founders might ask themselves, “What’s the point in doing this? There are plenty of other businesses already doing what I’m thinking about doing.”

Even if there may be reasons to stay out of the business, there are also plenty of reasons to go ahead and dive into the business. Here are five excellent reasons you should not avoid starting a business that already exists.

1. There is always room for improvement

While the competition might be doing a lot of things right, you’re sure to find things that they’re doing wrong. You can capitalize on that knowledge and build a business that does it better. For example, OrthoticShop.com was launched even though other businesses like Zappos were already quite successful in the industry. The founders knew they could do it better, though, and the success greatly exceeded their expectations.

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Brian Crane, founder at CallerSmart, adds “nobody dreams up and launches a brand-new business in my opinion. Instead, new businesses are iterations of previous ideas, made better. When Google launched, it was designed to be a better search engine than Lycos, Yahoo, etc. When Facebook launched, it was designed to be a better social network than MySpace, Friendster, etc. Starting a new business based on improvements you’d like to see made to an existing business is only natural.”

2. The market already exists

Marcus Miller, the managing director of Bowler Hat and wArmour, says starting a business that already exists could be described as “the easier and more sensible option. An existing business has existing demand and a ready made audience. If you start something new, then you have to work double hard to educate people as to why your business exists and why they should do business with you.” Miller’s two successful businesses are proof positive of this, since the market for Web design and Internet marketing, as well as cybersecurity and maintenance, are already strong fields with plenty of demand.

Casey McCallister, Director of Marketing at SmartShoot, believes that competition is a good thing. “Companies need competition to be successful. It pushes them to make better and more functional products. Microsoft and Apple both push each other to be better. Canon and Nikon. Marriott and Hilton. Without competition, companies have little incentive to innovate,” says Casey.

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3. You can put a unique spin on the product

Every business is different, and you already know that you have to differentiate yourself from your competition. A good way to do this, as well as compete in an existing market, is to put your own unique spin on the idea. For example, DuckDuckGo is a search engine competing head-on with Google. Google has very little concern for your privacy, tracking almost every move you make on the Internet.

DuckDuckGo, on the other hand, does not track any personal information, and that key difference has driven the company’s growth over the past couple of years. While DuckDuckGo will likely never replace Google, the search engine has carved out its own small and very profitable niche doing something similar to what Google does, but with a unique twist.

4. Businesses must evolve or die

Culture is perpetually changing, and businesses must evolve to stay with the times. The business that stops serving the needs of its customers, or continues to operate in a way that is neglectful or dismissive of the customer’s dignity, cannot last.

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Hans Enriquez realized that, and the idea that businesses must evolve or die was the impetus behind him launching LazyDaze. Enriquez “knew that the typical ‘smoke shop concept’ would need a complete revamp from its dark and dingy storefront,” and knew that he could bring that value to the market.

Enriquez launched LazyDaze to be a smoke shop with the look of Urban Outfitters, the customer service of Nordstroms, and the convenience and high quality products of Macy’s. This evolution resulted in a counterculture business that is thriving and opening new franchises regularly.

5. The need is still outstripping the demand

One company (or even a dozen companies) can rarely fulfill the needs of the entire marketplace for a product. There is usually an opening to market your product to others who have not yet made the leap, or have purchased a product from a competitor and not been totally satisfied (see point #1 above).

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This gives you, the budding entrepreneur, the opportunity to fulfill the need for the product, and do so even better than anyone else has done before. Yellowball, a digital marketing firm, entered a market that was already quite saturated. However, by ensuring they delivered the results their clients needed better than their competition, Yellowball was able to thrive even as a latecomer to the party.

Conclusion

There you go, five strong reasons why you should go ahead and open your business even if there is already competition in the marketplace. The free market economy is beginning to boom once again, and there is always room for new players.

If you play your cards right, your unique spin on an idea or improvement on an existing product could result in the next iPod or iPhone.

Featured photo credit: Pexels via pexels.com

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Last Updated on September 18, 2019

15 Best Organizing Tips For Office Organization and Getting More Done

15 Best Organizing Tips For Office Organization and Getting More Done

You may think that you don’t have time for office organization, but if you really knew how much time that disorganization cost you, you’d reconsider.

Rearranging and moving piles occasionally doesn’t count. Neither does clearing off your desk, if you swipe the mess into a bin, or a desk drawer.

A relatively neat and orderly office space clears the way for higher productivity and less wasted time.

Organizing your office doesn’t have to take days, it can be done a little at a time. In fact, maintaining an organized office is much more effective if you treat it like an on-going project, instead of a massive assault.

So, if you’re ready to get started, the following organizing tips will help you transform your office into an efficient workspace.

1. Purge Your Office

De-clutter, empty, shred, get rid of everything that you don’t need or want. Look around. What haven’t you used in a while?

Take one area at a time. If it doesn’t work, send it out for repair or toss it. If you haven’t used it in months and can’t think of when you’ll actually need it, out it goes. This goes for furniture, equipment, supplies, etc.

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Don’t forget about knick-knacks, plants (real or artificial), and decorations – if they’re covered with dust and make your office look shabby, they’re fair game.

2. Gather and Redistribute

Gather up every item that isn’t where it belongs and put it where it does.

3. Establish Work “Zones”

Decide what type of activity happens in each area of your office. You’ll probably have a main workspace (most likely your desk,) a reference area (filing cabinet, shelves, binders,) and a supply area (closet, shelves or drawers.)

Place the appropriate equipment and supplies are located in the proper area as much as possible.

4. Close Proximity

Position the equipment and supplies that you use most within reach. Things that you rarely use can be stored or put away.

5. Get a Good Labeler

Choose a label maker that’s simple to use. Take the time to label shelves, bins, baskets drawers. Not only will it remind you where things go, but it will also help others who may have a need to find, use, or put away anything in your workspace.

6. Revise Your Filing System

As we move fully into the digital age, the need to store paper files has decreased.

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What can your store digitally? Are you duplicating files? You may be able to eliminate some of the files and folders you’ve used in the past. If you’re storing files on your computer, make sure you are doing regular back-ups.

Here’re some storage ideas for creating a smooth filing system:

  • Create a meeting folder – Put all “items to be discussed” in there along with items that need to be handed off, reports that need to be given, etc. It’ll help you be prepared for meetings and save you stress in the even that a meeting is moved up.
  • Create a WOR folder – So much of our messy papers are things that are on hold until someone else responds or acts. Corral them in a WOR (Waiting on Response) folder. Check it every few days for outstanding actions you may need to follow-up on.
  • Storage boxes – Use inexpensive storage boxes to keep archived files and get them out of your current file space.
  • Magazine boxes – Use magazine boxes or binders to store magazines and catalogs you really want to store. Please make sure you really need them for reference or research, otherwise recycle them, or give away.
  • Reading folder – Designate a file for print articles and documents you want to read that aren’t urgent.
  • Archive files – When a project is complete, put all of the materials together and file them away. Keep your “working folders” for projects in progress.
  • File weekly – Don’t let your filing pile up. Put your papers in a “To File” folder and file everything once a week.

Learn more tips on organizing your files here: How to Organize Your Files for Better Productivity

7. Clear off Your Desk

Remove everything, clean it thoroughly and put back only those items that are essential for daily use.

If you have difficulty declutter stuff, this Declutter Formula will help you throw away stuff without regretting later.

8. Organize your Desktop

Now that you’ve streamlined your desktop, it’s a good idea to organize it.

Use desktop organizers or containers to organize the items on your desk. Use trays for papers, containers for smaller items.

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Don’t forget your computer desktop! Make sure the files or images are all in organized folders. I’d recommend you clear your computer desktop everyday before you leave work.

9. Organize Your Drawers

Put items used together in the same drawer space, stamps with envelopes, sticky pads with notepads, etc.

Use drawer organizers for little items – paper clips, tacks, etc. Use a separate drawer for personal items.

10. Separate Inboxes

If you work regularly with other people, create a folder, tray, or inbox for each.

11. Clear Your Piles

Hopefully with your new organized office, you won’t create piles of paper anymore, but you still have to sort through the old ones.

Go through the pile (a little at a time if necessary) and put it in the appropriate place or dump it.

12. Sort Mails

Don’t just stick mail in a pile to be sorted or rifle through and take out the pieces you need right now. Sort it as soon as you get it – To act, To read, To file, To delegate or hand off. .

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13. Assign Discard Dates

You don’t need to keep every piece of paper indefinitely. Mark on files or documents when they can be tossed or shredded.

Some legal or financial documents must be kept for specified length of time. Make sure you know what those requirements are.

14. Filter Your Emails

Some emails are important to read, others are just not that important.

When you use the filter system to label different types of emails, you know their priority and which to reply first.

Take a look at these tips to achieve inbox zero: The Ultimate Way to get to Inbox Zero

15. Straighten Your Desk

At the end of the day, do a quick straighten, so you have a clean start the next day.

Bottom Line

Use one tip or try them all. The amount of effort you put into creating and maintaining an efficient work area will pay off in a big way.

Instead of spending time looking for things and shuffling piles, you’ll be able to spend your time…well…working and you’ll enjoy being clutter free!

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Featured photo credit: Alesia Kazantceva via unsplash.com

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