Have you ever thought to yourself that your industry has too much competition in business that it has prevented you from starting your own?
The most profitable industries will always have competition. If nobody is competing in your market, chances are, the market that you’re going into is too small to be worth your time, money and effort.
Here are other truths that you need to know about “too much” competition.
Recently, a client asked me “I really want to be a coach, but there are too many coaches out there! I see them all the time on Facebook and stuff. It seems like there's going to be a lot of coach competition.”
And the answer to this question is really three important truths to realise that I’ll explain in detail. Also, this applies not just to coaches, but in any type of industry, because the industries that can make you a lot of money will always have corporate competition or competition in general.
#1 of 3 Truths About “Too Much” Competition In Business: The Pie Is Not Limited
A person that thinks that there will only be a thin supply of customers for their services or products has a scarcity mindset.
They believe that there will never be enough – whether it’s clients, money, food or completely something else. This type of mindset is keeping you poor as opposed to an abundance mindset. When you focus on abundance, it will come your way.
This is not just some “woo-woo” kind of thinking, but there's also a lot of fact behind it. As an example, only 1% of the population in Australia actually want a coach. Therefore, once you become a life coach, it's not really about competing for a slice of that 1%.
The real challenge and the real focus should be how to carve out of the rest of the 99% of the population; how to inspire them to want a coach and not just to compete for that slim 1%.
To put this in a real-life context, ever since we began Authentic Education in 2009, we’ve trained about 50,000 people. While that may be quite a lot in our industry, that could also be the same amount of people that went to a football game last week.
So all of our life’s work, all of those students that we’ve helped to positively change their lives is just the same amount of people that went to last week’s football game!
If you compare that to the Australian population, we're talking 0.02% - we've reached 0.02% of the population! We can't even keep up with the population increase! If the population increases at 1%, then we're still one-fiftieth of the population increase of one year.
So, it's ridiculous if you think about that. That's where we get the abundance mindset from.
The good news is, the industry of difference-makers, coaches, authors, speakers and online educators are expanding at a rapid rate. The personal coaching industry specifically is up 47% in the past five years.
#2. Industry Bias
The second truth about “too much” competition in business is industry bias. If you’re seeing a lot of Facebook ads related to coaching, it’s because you’re in the industry.
Facebook displays ads on your news feed according to what you like best. So if you're clicking a lot of stuff that has to do with coaching, personal development or mindset, Facebook's going to show you more of that.
Therefore, you’re led to believe that there are so many other coaches out there. However, just realise that you’re the 1% of the Australian population that’s getting all the stuff to do with coaching.
The other 99% are getting stuff that is based on their interests and what they click on, maybe stuff like shelving, sports, weight loss, hair and so on.
#3 - RAS (Reticular Activating System)
It may seem like coaches are everywhere but that's also due to the fact of your Reticular Activating System (RAS).
You can walk down the street and you could think, “Oh wow! There are so many coaches out here!”, or, “There are so many Mazdas!”, but that's because you ARE a coach or you ALSO drive a Mazda.
You're seeing what your brain is looking for.
The same person could also walk down the street and think, "There are so many properties for lease in the city. How can I compete?" However, that's only because they are looking for it as well.
The 3 Truths About “Too Much” Competition In Business – In Conclusion
I hope that this kind of puts to rest some of the fears people have, such as there's too much competition in business.
In actuality, you're just really seeing what you're looking for, and more importantly, from an abundance mindset.
You're not trying to have a business plan competition for that 1%, you're trying to carve out the other 99%, and we all have the ability to carve out the rest of the 99%.
If you want to know more about the abundance mindset, and what it takes to succeed in creating a heart-centred business from scratch; if you want to know the exact steps on how to market your product, perfect your communication and learn how to actually package yourself, I recommend coming to our FREE one-day event called, “Prosper From Your Passion”.
Click here to learn more and to reserve your FREE SEAT TODAY.
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