How to Deal with Business Copy Cats (ep 140)Jul 31, 2023
I'm so excited about today's topic: we're talking about what to do when we encounter business copy cats. We all know what it's like to work hard and to do our best only to turn around to see someone copying our idea, concept or brand. It's not fun, and we don't have to buy into the idea that it's just flattery. Here are three different ways to think about business copy cats. Learn how they can make you a better business owner.
Three Ways to Think About Business Copy Cats
1. Focus on the Right Things
Here are the three things I want you to think about when it comes to your own business:
- Focus on the right customer: fear your customers, not your competitors. Your customers are the ones with the money - they're the ones who will chose to support your business or not. Competitors can be incredibly distracting, but it's so important to focus on your customers.
- Focus on your profits: you have no idea what your competitors' numbers actually look like. Chances are, they're not focusing on profitability. Don't let copy cats distract you, and be sure your numbers are set up for profitability.
- Focus on your balance sheet: a strong balance sheet will help you weather any storm. Make sure you're in a good position, and don't worry about the competition.
2. Stay Ten Steps Ahead
When you're distracted by competition, think about not looking backward. Keep your eyes ahead, and focus on profitability.
How can we do this?
- Think about your customer! Your ideal customer can (and likely will) shift over time. Be sure you're understand who your customer truly is.
- Think about your reputation. How are you viewed in the community? What are your business ideals? No one can be exactly who you are!
- Think about your brand. Speak your voice loud and often. Let people know what your brand's about and what it stands for.
3. Don't Hand Someone Else the Keys
Don't put time and effort into someone who won't reciprocate the effort. You don't have to give competitors all you know just to feel supportive. Collaboration doesn't require that you hand everything over.
Overall, consider business copy cats a chance for you to dial down on your business and to become a better business owner. Stop stressing over the competition and become the best business owner you can be.
Here's a glance at the episode:
[4:00] Three different ways to think about business copying
[4:38] Focus on the right things
[10:37] Stay ten steps ahead
[14:37] Don't hand someone else the keys
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