What I want to talk about is why really, really good businesses don’t have competitors. If you’ve been watching my series on things that determine the value of your business, one thing you might have noticed is you a good business that has a high resale value actually we’ll have some kind of signature solution or some kind of way they’ve productized their service. So it is highly niched, which means it’s designed for one group of people and it’s designed to deliver a really, really high-end solution to that one group of people.
Why it shouldn’t matter what your competitors are doing
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So I guess the title of this video is a bit of a trick question because ultimately when I say shouldn’t matter what your competitors are doing, what I should really have said is why good businesses don’t actually have competitors. So what I wanted to do is just explain that the importance of niching in this video. So niching is where you really focus on one particular industry and giving them one particular type of solution. So once you’ve done that, you’ll find that there’s probably very, very few other people out there that provide that one particular solution to that one particular industry. And that solution that you are providing is usually a combination of services, which are leveraged in a way that they support each other, which means it’s highly profitable for you to deliver them. But also they deal with your ideal customer’s pain points in that particular industry with that particular solution.
So what I’m really saying is really successful businesses don’t have competitors. What they do is they’re so specific about who they help and how they help them that no one else out there really provides that solution. Or even if they do, there might be one other person out there, one or two other businesses out there that deal with that target market. But their solution is probably quite different anyway. So to summarize, if you are always thinking about your competition and you are always thinking about how much money they’re making, what their margins are doing, you need to stop doing that and then focus on your own business and actually think about how you are going to be so specific and you’re going to provide so much value to that one group of people that you really, really want to work with that actually there’s no one else that can compare to that offering that you give that one group of people.
So when I say amazing businesses don’t have competitors, that’s what I mean, they’re so specific in terms of who they help and how they help them, there is no one else that can be compared. When you don’t have competitors and no one else can be compared to your solution and for that industry, then what happens is you can actually charge a premium and because you charge that premium, you make much, much better margins and you make a lot more money and your business becomes far more valuable in terms of resale value. So start thinking about niching, think about the people you really, really want to help and how you want to help them. And that’s when you’re going to really make the big bucks. If you want to talk about this or anything else, just let me know. We offer a free discovery call. So go to our website, book yourself in with myself, and we’ll talk about the next steps in terms of building up the value of your business and giving you insanely high profits.