Are you thinking about starting a business?
do you have a great idea, but feel unsure if it will succeed?

If you answered yes to either of these questions, then this video is for you!

In this video Rich discusses the important step of market research. It is the simple step of looking at “who else” is doing, what you plan to do!

Who are the players or competitors already operating in your market, providing the same or similar products or services? How many of them are there? If there is only a few players, is there room for another player in that market? What is the size of the market? Will it support more players? Is there any data available?

If your business is a brand new idea, then you will have to invest in educating potential customers of the features and benefits that your product or service offers them. If there are already competitors in the market, then they may have already paid for that education.

Generally speaking, the more players in the market, the easier it is for you to enter and survive as a new player, as you only need to take a small percentage of each to gain traction.

It is easier to be Me Too, rather than Brand New!

4 thoughts on “Starting a Business: Brand New vs Me Too!

  1. I had never looked at it like that Rich, it’s so true! Thank you, this has given me a fresh set of eyes and much food for thought.

    • mibadmin

      Thank you John. Please do not hesitate to let us know any topics you would like us to cover

  2. Natalia

    It is true that many people think that for business to be successful it should create and produce something completely different and new and I thought this myself. How much easier it is to realize it is ok to offer something witch is already on a market and it is obviose that people need it and ready to pay money for it. You have explained it in a very simple way. So i am off to study my competitors…

  3. Sandra

    This is an eye-opening information for me. I’ll start now looking for what others do in the same business. I can learn from them. I’m sure it’s much easier for me now to even create new products. I get inspired through the things, others offer. Thank you very much!

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