Indirect competitors

It’s not uncommon for a person to have an idea, look for direct competitors, see no one else is in that same field and conclude there are no competitors.

The reality is quite different. A white water rafting company might have no direct competitors (meaning no one else is offering white water rafting in the area) but they have to understand that hiking trails are competition, golf courses are competition, lakes are competition. Anything that a person could choose to do instead of going white water rafting is a competitor.

A hotel might be the only hotel in the area but a bed and breakfast is a competitor. AirBnB is a competitor. Staying home is a competitor.

It’s easy to find the direct competitors but realize the indirect competitors are sometimes your biggest concerns.

Have a great day!

Lawrence

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