You are sitting idle in your balcony, taking sips of morning tea and suddenly the brain signals a new business idea. Relatable right? You rush to your laptop and start Googling only to find that there are already 20 other people doing the same that you thought was an original idea a few minutes ago. And this is quite heartbreaking.
Now, what should a disheartened entrepreneur do?
Close the browser window in disappointment, stop thinking about the implementation and abandon the idea completely?
Or try to convince yourself that your idea is somewhat different from others and begin making the business plan.
Let’s face the truth here.
“There is no such thing as a new idea. It is impossible. We simply take a lot of old ideas and put them into a sort of mental kaleidoscope. We give them a turn and they make new and curious combinations.”
― Mark Twain
Here are five excellent reasons you should not drop your plan and start a business that already exists:
A Ready-Made Audience & Market
Don’t you think starting a business that already exists is an easier and more sensible option? Let’s make it easier for you. Think about starting something totally new, you have to then work double hard to first educate people about the existence of your business and then convince them why they should do business with you. It is a very time-consuming process.
However, an already existing business gifts you with a ready-made audience and an already established market for your product or service.
And of course, how can you forget about the ‘competition’ factor. You are surely going to face fierce competition in the market. Competition in business is always healthy for growth, quality of products & services, and innovation. It not only helps a business thrive but anyone involved in the process of competing learns new skills.
You Get The Chance To Perform Better
Just because an idea already exists doesn’t mean that it is fulfilling the market demands pretty well. It can surely have faults. And now that you have entered the market with a similar idea, you can serve the market with better quality products. Steve Jobs, the Co-Founder of Apple didn’t invent the mobile phone or any computer, but the entire world knows him because of the revolution that he brought to the entire industry with his enthusiasm for technology.
Try to find your own angle and deliver a solution that is unique and differentiated. It can’t be a complete revamp but your creative mind can surely figure out the unique approaches and faster, cheaper & effective solutions to the existing problem.
Show Care For Your Customers
You are entering into an existing market. But if you have a passion for an idea, ask yourself Do I care about my company more than the competitors? If the answer is a big Yes! Go for it. As a business owner, it’s your core responsibility to take care of your loyal customers and show them appreciation. It’s a gift that keeps on giving.
You can show care for your customers by throwing in a free gift with purchase, inviting them to exclusive events, giving discounts whenever possible, sending handwritten notes, responding to complaints and feedback, and showing a feeling of gratitude towards them.
Always remember no two founders can think with the same approach. Both will have different mindsets. Make your mark through your business and embrace the differences you bring to the table. If an idea already exists in the market, that does not mean that you will stop pursuing it in your own way.
To explain through an example, Flipkart was not the first eCommerce company, Amazon was not the first online bookstore, and Myntra was not the first online shopping platform, yet their businesses are representing a benchmark in their respective markets.
Talk To Existing Customers
You have got the golden opportunity to talk with your customers and understand their needs and requirements. You can utilise social media channels and run ads on Facebook, Google, and other platforms to survey customers.
Whenever you talk with the customers, use positive language, be very careful with words, do not use technical jargon, and try to understand their problems.
Never give up on your dreams. No matter how hard it gets. Don’t drop your idea if that already exists in the market. Capitalize on that opportunity and focus on what makes you unique. Also, you don’t need a great idea to make a big company. You just need the excellent execution of a great business model that sets the path of success for the company.
Frequently Asked Questions
1. Can we start a company that already exists in the market?
No matter if a startup idea already exists, you can start your business and build a successful company.
2. How to face fierce competition in the market?
- Target new markets
- Highlight the differences
- Know your customers
- Look after your existing & loyal customers
3. How to draft a business plan for my startup?
- Write an executive summary
- Describe your company and its services
- Describe your business goals
- Do proper market research
- Make a marketing and sales plan
- Perform a business financial analysis
- Add extra information to the appendix
- TOP 10 RICHEST BILLIONAIRES IN THE WORLD 2022
- Top 10 Indian Origin CEOs Leading International Companies
- TOP 10 IN-DEMAND SKILLS FOR 2022
- SUCCESS STORY OF TIM COOK: A MAN WITH A VISION
- HIGHEST-PAID CEOs IN THE WORLD
- Success Story Of Mukesh Ambani
- TOP 10 NEWSPAPERS IN THE WORLD 2022
- Elon Musk: Biography Of A Self-Made Entrepreneur And Billionaire
- 10 GADGETS TO KEEP YOU COOL THIS SUMMER
- 7 R’s Of Waste Management – Steps To Sustainability
- What Are The 5 Must Watch Netflix Thrillers