What to Do When a Competitor Moves Next Door

Article by N. Husain from NFIB.com

Having a competitor set up shop next door or up the street is every small business owner’s worst nightmare. What should you do when you can step outside and wave hello to a competitor from across the street?

To keep your doors open, you’ll have to take extra steps to stay ahead of your competition. Here are four ways to take action when a competitor becomes your neighbor:

1. Research them.

Before you put the company in your brain’s “Competition” folder, find out what they do. You might find that they’re not direct competitors. Jennifer Schaus, owner of Jennifer Schaus and Associates, a Washington, D.C.-based marketing and strategic planning consulting firm that helps companies sell to the U.S. government, competes with several nearby businesses on K Street in D.C. But she was able to work with a competitor when she discovered they each offered services the other did not. While he assists small businesses with SBA certification, she offers marketing and social media services. They’re able to send clients to each other and profit from their relationship.

Related Onine Video: How to steal customers (fairly)

2. Set yourself apart.

Find out what you’re able to do better than your competition. Schaus couldn’t charge hundreds of dollars per hour like some of her competitors, but she started hosting a monthly networking event for business-to-government professionals. She hosts it at The John F. Kennedy Center for the Performing Arts, a prestigious venue in D.C., which helps project a professional image of her business. Eventually, her competitors started coming to the event as well. “At first I was irritated, but then I realized if more experienced businesses are coming to my events, I’m doing something right,” she says.

Read full article on NFIB.com