My friend is a serial entrepreneur. She operates multiple businesses and is now looking to open a new concept shop. Last week she asked me to accompany her and view the desired location for her new business.
As we toured around the chosen space, she discussed all kinds of things she wanted to do with the place. She had everything planned in her head and when we left she was on a high.
The next morning, she sent me an email with a picture of a new outlet located close to the space we had viewed the night before. The shop had a similar concept to hers. She was angry, feeling that proximity of that store would represent competition that would ruin her chances of succeeding.
I calmed her down, stating that just because that store existed did not mean that her business would fail. In fact, it did not mean anything at all.
Our conversation took me back six months to when I attended a seminar on entrepreneurship. The speaker told of a woman who had launched a chocolate brand. He highlighted that if you look around, there is an abundance of chocolate brands out there, from low-priced generics all the way up to the fine Belgian offerings.
Do we really need an extra chocolate brand? Perhaps not. But just because there are plenty of brands out there does not mean that this entrepreneur should not follow her dreams, and it did not mean that her business would fail.
Take a drive down Defence Road in Abu Dhabi and you will see more than 20 mobile phone shops on the same street, located either adjacent to each other or back to back. Most of them have been around for as long as I can remember.
While these shops all sell similar products each one differs from its competitor, in the same way that customers all differ. What makes each shop different is the way they represent their products, and the type of service they offer. If I need a bargain, there is a perfect shop on that street for that option. If I need a funky headset, there is a shop for that. And if I need a technician to fix my phone, there is an ideal outlet for that.
As an aspiring entrepreneur, you may have an idea or a dream that you have wanted to pursue for some time but have not done so because there are many competitors out there. That should not discourage you. There are thousands of supermarket franchises, and similar food and beverages outlets, but you could stand out by the way you represent your product and the service you provide your customers that makes them want to come back again and again.
Look at what is missing from the market and see how your business could stand out. What would make you different is if you offered something extra, different or filled a gap.
Before you consider launching, talk to your potential customers to garner valuable feedback. Listen to their complaints, as many business ideas are born after such conversations. Conduct a focus group where you would gather people to discuss a potential idea, and listen to their suggestions.
I also believe that it all boils down to service. This is what makes people stick to one brand over another. Focus on your customers, and their needs. Remember their birthdays, the type of products they like, and offer a service beyond what is being paid for.
My best friend still goes to her childhood physician even though better clinics and hospitals have opened. “I like how he’s honest with me and does not try to sell me medicines,” she says.
With the availability of multiple funding options, social media marketing platforms, and businesses that seem to emerge overnight, you might feel discouraged from opening a business that has competitors. The great thing, though, is that the market has an abundance of opportunities and room for all. You just need to find out what makes your idea different. Then stick to it, and turn it into a business.
Manar Al Hinai is an award-winning Emirati writer based in Abu Dhabi. Follow her on Twitter: @manar_alhinai
business@thenational.ae
