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Scenario:
You decide you want to start a real, sustainable business.
You spend a year saving up money from a job that you hate.
During that same year, you relentlessly plug away at educating yourself by reading countless books and learning from the best.
You bounce around from idea to idea until you finally find one that hits all your checkmarks.
You do some market research and find that there are some medium sized competitors in your niche. BUT you aren't worried because you have a killer USP that sets you aside from them.
You validate it with some current consumers in the niche. They like the idea. They like it a lot.
You're finally in the stage of testing prototypes (not having invested too much money at this point) and getting samples.
Things are going smoothly.
You're walking down the street one day, rolling with optimism and motivation, plotting your future empire in your head when you see it....
At a newsstand, on the front page of a magazine amidst a sea of other magazines, you see your biggest (soon to be) competitor...
They just raised 60 Million dollars in strategic funding.
You flip through the article hastily - the newsstand owner giving you shit because you haven't paid yet, but you persist pretending not to hear him - reading that they have added some serious executives to their board and are poised for aggressive expansion.
Suddenly, all that motivation you had 10 minutes ago has evaporated into thin air and has been replaced with feelings of uncertainty and confusion.
There's a lump in your stomach.
How can you, someone who is bootstrapped and has yet to make a single sale, compete with that?
One of the biggest reasons you chose this niche was because it seemed young and lacking stiff competition.
Do you persist and continue to invest into product development? Hoping that your well thought out marketing plan and fresh USP will be enough to get you some momentum? You can probably attract some investors after that. Yes, I think it's very likely that you can.
Or do you dust yourself off and realize that you haven't sunk THAT much money into your current project and look for another opportunity? After all, your new wealth of business knowledge has you poised to be successful in many areas. Maybe it's best to look for a niche that you can better assert yourself?
****************************************************
^ My situation as of today.
Thoughts?
As for the weird wording of this post....I've been trying to hone some copywriting skills lately....
...more practice is necessary.
You decide you want to start a real, sustainable business.
You spend a year saving up money from a job that you hate.
During that same year, you relentlessly plug away at educating yourself by reading countless books and learning from the best.
You bounce around from idea to idea until you finally find one that hits all your checkmarks.
You do some market research and find that there are some medium sized competitors in your niche. BUT you aren't worried because you have a killer USP that sets you aside from them.
You validate it with some current consumers in the niche. They like the idea. They like it a lot.
You're finally in the stage of testing prototypes (not having invested too much money at this point) and getting samples.
Things are going smoothly.
You're walking down the street one day, rolling with optimism and motivation, plotting your future empire in your head when you see it....
At a newsstand, on the front page of a magazine amidst a sea of other magazines, you see your biggest (soon to be) competitor...
They just raised 60 Million dollars in strategic funding.
You flip through the article hastily - the newsstand owner giving you shit because you haven't paid yet, but you persist pretending not to hear him - reading that they have added some serious executives to their board and are poised for aggressive expansion.
Suddenly, all that motivation you had 10 minutes ago has evaporated into thin air and has been replaced with feelings of uncertainty and confusion.
There's a lump in your stomach.
How can you, someone who is bootstrapped and has yet to make a single sale, compete with that?
One of the biggest reasons you chose this niche was because it seemed young and lacking stiff competition.
Do you persist and continue to invest into product development? Hoping that your well thought out marketing plan and fresh USP will be enough to get you some momentum? You can probably attract some investors after that. Yes, I think it's very likely that you can.
Or do you dust yourself off and realize that you haven't sunk THAT much money into your current project and look for another opportunity? After all, your new wealth of business knowledge has you poised to be successful in many areas. Maybe it's best to look for a niche that you can better assert yourself?
****************************************************
^ My situation as of today.
Thoughts?
As for the weird wording of this post....I've been trying to hone some copywriting skills lately....
...more practice is necessary.
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