You are the only “game in town” in your industry. Let’s use as an example a convenience store. For years you have been the only option in the area. The tendency is to get complacent. You might not keep the bathrooms as clean as they should be. You might not add the newest products because the older ones have been working. All of a sudden another convenience store opens across the street.
You have two options. Keep doing what you have always done and let this new business take your customers away. They might have cleaner bathrooms, more variety etc. In time, if you don’t do something different, you might go out of business.
The second option is to step up to the challenge. Add more variety to your offerings, do something different, do something better.
Competition can kill you but it can also make you stronger. The great thing is, it’s up to you. You can run from competition (or even worse, complain about it and do nothing else) or you can step up, take the challenge and do even better.
The great thing is it doesn’t have to be a win/lose situation. Frequently, if both groups step up to the competition, they can both survive and thrive. As an example, when there are multiple car dealerships in the same area, they frequently will do better than if it’s just one dealership. Another example is to see how often you see a McDonalds on one black and across the street will be another fast food restaurant.
Don’t fear competition, look at it as a way to get even better!
Have a great day!