In today ultra-competitive business world - thanks to the Internet and Web 2.0 platform - you simply can't compete head-to-head with others. Sure, you can try to beat your competition, the logical way: you improve customer service, you lower your price tag, you value ad your product, you cut costs to give customer more discounts, etc, etc... Logical? I don't think so... it's a circle of death: You cut price, your competitors follow - you improve customer service, your competitors do, too... Of course, there's always room for improvement - HOWEVER, "the room for improvement" is getting smaller and smaller (or more and more crowded) - there is no such thing of "better mouse trap". You simply need to stand-out to beat competition - but, it's not for the faint-hearted.
What would I do? I would play safe, for some reason: Resources - limited. Knowledge - limited. Network - limited. You wouldn't want to challenge bigger competitors head-to-head. I'd go niche... a market segment that is few competitions exist. Elaborate, pliz?
OK. Opening a fast food restaurant is interesting, but the market is sooo crowded. But, opening an all-organic ingredients fast food restaurant is promising. Giving discounts is common - but pay as you like? hardly in business owner's mind. Cars are men's game field - wrong! Women influence most purchasing decisions made by men - Owning a car showroom exclusively for women is niche... etc, etc.. the lists will go on with endless possibilities.
In conclusion, I think there are no better choice than go for the niche markets. Serve them, and you will be rewarded well. Whaddaya think?
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