Business Ideas Would you start business in a competitive niche?

[Shaf]

One factor you should consider before starting any business is the degree of competition.

This is important so you can gauge how profitable the business model is, and if there are too many people doing the same thing leading to saturation, which can result in poor sales.

If there is no one doing the same thing, it's also worrisome as it might means that people do not have for what you're offering.

You can still start a business in a competitive niche and still succeed, especially if you come at it with helpful innovation. Some people prefer to avoid this confrontation though and look for a less competitive niche?

Would you do this, or still go ahead and start the business regardless

 

[sincerem]

I can't operate a business which is over saturated within my locality even if it's an online business. I will love to start a business which is saturated, a different business which is innovative and can attract customers very much and patronizing me more. Starting similar and saturated offline business wouldn't get me everything I need, since the competition gonna be intense, and my fellow competitors, might just decide to make things very difficult for me by making the profit very less because they want to sell faster. Or simply telling my own customers how I am cheating them, such kind of stuffs. It is common especially in offline business that is saturated in a given location. That's why operating a special business that isn't rampant is better off than running a saturated kind of business that will see my profit going down more than half.

 

[Reedsalvey]

Hi! I would decide to create a business in a competitive market niche, but first, I would analyze the whole situation

 

[Suba]

When you are going to start a business in a highly competitive niche, we need to be able to highlight the advantages of the products we offer, the brand will differentiate the products, so that we can emerge as a unique authority and resonate more deeply with a different set of customers. Determine the segmentation or target market, so you will know who will be your customers. Of course, a marketing strategy is also needed that targets a niche market in high competition. So I think it's better for us to keep running a business according to our skills and abilities even though we have to start a business in a competitive niche.

 

[moonchild]

Yes, when you can skew a value you can create a business in a competitive niche, most business skew value instead of building new business from scratch.

Most business just change some variables and boom they have a new product.

Let's start with Facebook, before it was just MySpace and they are the biggest thing before, but Facebook came and skew the value and add some new features and before you could say Jack they're in a new business.

It takes a long time before innovation happens and people are starting businesses everyday and what that means is, what most people do is just look at other businesses and just improve and it's that simple.

But first you have to first make a study and see if what you're trying to do is in demand, if it is then you can go ahead and do it, but skewing value for products that don't have any demand is not advisable because you won't be able to make business out of it.

There are a lot of products people are complaining of everyday you just have to put your ears on the ground and listen.

Capital, mindset and edge is all you need to get started.