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If you feel motivated to start your own business, then that is the very first step in a path that can be very positive and productive for you. But, after that initial decision is made, that’s when the hard work begins – because you are not the only one with this same idea. Millions of other people also want to start businesses so they can be their own boss and have some creative flexibility about what they do daily. That’s why no matter what business niche you pick, you have to make yourself as competitive as possible.
There are several different ways to start creating this edge for yourself immediately. One option is to use group brainstorming to your advantage. Another is to get as narrow as possible with your business interests. You also have the potential to add passive income streams to your primary business idea. And finally, if you regularly revise your main business plan, you’ll find that you keep yourself open to new and better ideas.
Use Group Brainstorming
A relatively new idea when it comes to staying competitive with your business concepts is to use group brainstorming on a professional level. If you choose to join a mastermind group, you’re essentially networking yourself with a dozen other business owners who are not competing against each other. Your passing ideas back and forth knowing that every good idea benefits everyone, and you’re not creating more competition for yourself. These mastermind groups can often involve people who are in related industries, so they understand each other’s language, but because they aren’t direct competitors, it’s a much more open conversation.
Get as Narrow as Possible
One of the keys to success in today’s business world is to get as narrow as possible with your target audience. The more specific you are about who you are selling to and why, the more of a core group you are going to come up with in terms of targeted advertising. Even though it might seem like a better idea to have a broad range of goods and services, the industry leaders have already beat you to that point. What you want to do is find some small thing that you can do better, faster, and less expensive than the companies who are doing general work.
Add Passive Income Options To the Mix
If anything that you are doing in your business niche involves working on a website, then you can figure out how to add passive income options to your main business plan. If you work with Google’s AdSense program, not only will you be competitive by putting out great content, but you’ll be making money as long as you have excellent search engine optimization in the posts that you put out to the world.
Revise Your Business Plan Regularly
After you create your first business plan, you’ll start to set your business in motion. However, after a few months, or even after a few weeks, you’ll see which parts of the plan work and which don’t. One of the best ways to stay competitive as a business is to shorten up your feedback loop and revisit your primary business plan concepts as often as possible to create greater financial efficiency.
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