51. Competition & Comparison: A New Perspective for Entrepreneurs
Is the market too saturated for your business idea? I used to think so. When I first started building my coaching business, I made the classic mistake of researching other coaches' websites for inspiration. What began as innocent research quickly spiraled into overwhelming discouragement.
This comparison trap led me straight into self-sabotage. I stopped working on my website, perfectionism crept in, and I found myself paralyzed by the belief that I couldn't measure up. I was comparing my beginning to others' middle and end points, which is a recipe for feeling inadequate. What I didn't realize then was that competition can actually be a powerful tool for market research and inspiration—if approached with the right mindset.
Listen in this week as I share how to find that critical balance between using competition as valuable market research and not letting it overwhelm you with thoughts that you're too late or not good enough. You’ll learn when to research competitors, how to approach that research like a scientist rather than a critic, and specific questions to ask that will help you identify your unique differentiators. Whether you're just brainstorming a business idea or already running an established company, these strategies will help you transform competition from a source of anxiety into a catalyst for growth.
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What You’ll Learn from this Episode:
Why you should develop your business idea before researching competitors to protect your creativity and motivation.
How to approach competitor research like a scientist gathering data rather than someone looking for reasons to quit.
3 critical questions to ask when analyzing competition that will reveal valuable market insights.
Why a "saturated market" is actually evidence of a viable business opportunity, not a reason to give up.
How to identify gaps in the market that your unique experience and approach can fill.
Listen to the Full Episode:
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Full Episode Transcript:
I remember at the beginning of my business, when I was building my website, I had the brilliant idea to look at other coaching websites for inspiration. I Googled a few things and found countless examples. I wrote down notes about what I liked and didn't like, and of course, got a little swept away in learning about those businesses. But the more I looked at those websites, especially those on the first few pages of the Google search, the more discouraged I felt.
I thought to myself, “The coaching market is so saturated, and look at all of these businesses that have it all,” right? The professional photo, the great one-liners, the motivating copy, the pop-up freebie, the online course and community, right? Endless offerings. And I immediately thought to myself, what am I doing? Why would anyone work with me when there are so many other coaches who've been clearly doing this so much longer and with pristine and professional websites, when here I was trying to create my first version?
I retreated, okay? I stopped working on my website, and when I did put time into it, nothing was good enough. Perfection crept into everything I did, and I was rarely happy with any work that I did put out. And what I realized in that is that I was using competition as a tool for self-sabotage. If my business wasn't as good in comparison, what was the point?
I was comparing my beginning to their middle or even the end of their career and allowing myself to feel so incompetent in the process. And we do this since we are our own greatest critics. And it really is a bummer because knowing our competition and using our competition for inspiration and research can be a huge leg up. And if you're not doing that, you are leaving so much opportunity and creativity and insights on the table.
So by the end of this episode, I want you to know exactly what to do and avoid when considering competition in your industry, even if you are still in the early stages of just brainstorming ideas about a business.
Welcome to How to Quit Your Job, the podcast for moms ready to ditch the nine-to-five and build a life and business they love. I’m your host, Jenna Rykiel. Let’s go.
Hi, mom friends. I want to talk about competition today because we can either use it as a powerful tool or we can use it against ourselves. And one option has us moving our business forward, and the other has us feeling stuck, asking ourselves, what is the point? Ultimately, I want you to walk away feeling like you can find a balance between looking at competition for really powerful market research. And I have some tools and some questions that you can ask yourself in that process to maximize it for yourself and your business.
But I want to balance that with not getting overwhelmed by thoughts that other companies and businesses are so much farther ahead or more advanced, or that the market is saturated. All of these things that I learned from experience that I did when I was first starting out, and that I see so often in my clients.
So, let's get started with talking about how to think about competition in a way that will propel you and your business forward. And yes, that's even if you don't have a business currently and you're in brainstorming mode. I'm talking to all parties at any stage of the business.
When I first start working with moms, there is usually a bit of uncertainty around the actual business they want to start. And that is if they don't already have a business started, which I do also end up working with some moms that come to me with the full-fledged business or business idea. But for those that want to start a business, they know they want to transition into entrepreneurship because they want more freedom and flexibility while still contributing to the family financially. But for some of them, it's unclear what the business will be.
Early on in the brainstorming process, I recommend staying away from thinking about competition. Get a good idea of the value you want to bring into the world, a combination of what you're good at, what you're interested in, what people will pay for, and be open to the possibility of any given business idea. If you already have a business idea that you're jazzed about, even better. You can jump into understanding your own business, and I encourage you to jump into understanding your own business before jumping into what other people are doing.
And why I want to stress that is because I want you to give yourself time and space to be creative and to think about what you want to build and create before doing a ton of research on what other people are doing. I find that when we do the opposite and try to get inspiration from what other people are doing, or we do a lot of research on what's out there, it will always create some sort of mental drama, usually a version of us being deterred because we could never be as good as competition, insert competition, or that the market is saturated. Those are the two biggest obstacles that I hear from people. And they are obstacles that challenge the idea itself, and they really lead us to believe that our idea is not a good one or is not viable.
And those two things, competition and a market being saturated, are absolutely not obstacles. I will tell you why in a second. Because I want to let you in on a little secret about the entrepreneurial world. No idea is original, and every market is saturated. Yes, it can be valuable to understand markets and assess viable businesses based on competition, like we did in many of my MBA classes. But I would argue that there's a very small percentage of business types that this is truly a make-or-break for.
Just because a market is saturated doesn't mean you can't be successful. And if a market is, let's say, saturated, whatever that means to you and to the business gods, it becomes so much more important that you differentiate yourself, which is a whole other topic entirely, but something that's never impossible to figure out.
So how do I know that every market is saturated, but you can be successful? I love thinking about the bottled water example that I've used before. Not only is drinkable water free and potable in a huge percentage of the US and many other countries, but almost every person I know owns at least one reusable water bottle, or if you're my family, you have at least 15 Owala water bottles. And I think I've talked about Owala water bottles on this podcast as well. And yet, there are thousands of companies that sell bottled water. I Googled it because I was curious, and there are almost 3,000 companies. That's insane. And, you know, the branding varies. It blows my mind.
But as long as these waters are differentiated in some way by the product itself, the brand, the marketing in general, it can find a way to sell. So if people can sell bottled water successfully, if almost 3,000 companies, I promise that you can sell your services or product in what seems like a saturated market. What I want you to hear out of this is that your brain will absolutely 100% tell you that the market you want to enter is saturated, and people are already doing what you want to do and they're doing it well. And I want you to not be deterred by that. In fact, I want that to motivate you. Because it's a strong indicator that it's a viable market if there are a lot of people in it.
If there are a lot of people in it, like I said, differentiation is the most important thing. And one simple way to differentiate is through your personal story. No competitor has lived your exact life or had your specific combination of experiences. So share how your journey shapes your approach to create an immediate point of difference. And I love to say that experience is an asset because it's so true. The good, bad, and the ugly of experiences can fuel your story, and it can differentiate you from competition.
Bottom line, don't try to get inspiration for your business by looking around and seeing what's in the market. Start with the creativity of your own beautiful brain and what differentiates you, which is your beautiful brain and your experiences, to actually settle in on a potential idea. And then once you have an idea, then we'll talk about how you can best research the market. But at least initially, stay away from getting inspiration from faceless businesses on the internet. It often backfires.
Now that you have your business idea, and maybe you came to this episode with one, or even a fully baked business, this all applies to no matter what situation you're in. Because it's important that you understand your competition, and it's never too late to understand competition in a new way. What we want to do now is use competition as market research. You want to get a lay of the land. But, and this is important, from the lens of a scientist doing research. I want you to understand the numbers and other people in your industry offering similar services or products.
One of my clients started an event space for kids' birthday parties. This idea came to her because she saw a need that wasn't being met in her community. She heard moms constantly complaining about the amount of work that went into giving their kids a memorable birthday experience. And she realized there weren't any great spaces in her area that were curated for kids' parties.
She also thought about her interests and skills, something I always recommend people do at the beginning of trying to figure out their business. And she was always being asked by friends to help them decorate and, you know, other tasks in their parties. So it was a beautiful marriage. This business of hers is a beautiful marriage of her interests, skills, and a service that people were willing to pay for.
But here's where competition comes in that's important. It's important that she did her due diligence after understanding her own business idea and what differentiated her to see if there was competition in the area that were hotspots for kids' parties. In her case, there weren't. But choosing a location or even thinking about what she could offer to be unique from what's out there could be a critical step.
For instance, maybe in her research of competitions, she saw that there actually was a venue, a Chuck E. Cheese, which we all are somewhat familiar with, right? So let's say that there was a Chuck E. Cheese in the vicinity. There wasn't, but let's say that there was. That doesn't necessarily mean she shouldn't open her business. It just means that she has to be different from Chuck E. Cheese in the experience she brings to kids' parties. But the only way to know how her business or your business will stand out is to know what competition is already in the space, so then you can think about how you can be different.
It's important to understand the ins and outs of your competition, but you have to approach that research from a neutral headspace, one that is just there to gather information rather than use the information against you like so many of us love to do. So when you're researching competitors, I want you to focus on three questions. What are they doing well? What needs aren't they meeting? And how does your unique experience as a whatever your specific background is or your expertise allow you to serve clients differently?
Many of my clients have businesses that are service-based and virtual, which is a little bit different because the competitive landscape is infinite. And when I say that, I mean that if location and proximity isn't a factor, you're competing against everyone in the world essentially with a business similar to yours. And I want you to know that's okay too. And so you're not going to be looking at competitors in your zip code. But you are going to be looking at competitors who have businesses similar to yours.
So let's use coaching as an example. There are infinite businesses out there that do some sort of coaching. When you're jumping into market research in a service-based business or a product-based business that is global even, I want you to look at the businesses that are most similar to the expertise or niche that aligns with your business idea.
And when I say niche, if you're not sure the niche that you're in or your ideal client, I did an entire episode, episode 41 on how to niche down in order to level up your business. So how to find your ideal clients. So if you want to check that out, that's a great resource for figuring out exactly who you serve so then you can also figure out the competitive landscape that you're in.
A good example of what this looks like for a coach is that maybe if you're a relationship coach, you would want to get inspiration and understanding of a handful of relationship coaches out there. You probably don't want to look at business coaches or coaches who help with weight loss or coaches that do productivity coaching, right? You want to look at businesses and coaches out there who are in the relationship coaching space. So maybe stay away from those who are doing brand consulting or those who are doing organic marketing. But you get what I mean, right? You want to look at other coaches who are offering something similar.
And again, this is research that you're doing as a scientist to understand the needs of the market. And this is important too. I'm not suggesting you steal or copy ideas that are out there. But seeing what's out there can really unlock creativity, especially when you're viewing competition from this open and energizing headspace.
Here's the other thing. I want you to dig into the competition, okay? Sign up for newsletters, register for freebies, buy their $50 course. You are in learning mode. This is great learning for things like seeing how people set up their funnel and what they're offering and teaching.
It's not just great learning to see how people set up their business and their funnels and what they're offering and teaching. It's great because you may also learn something really powerful that you can bring to your ideal clients and you can bring to the industry. Again, it's so important for you to do so much of the creative work upfront without looking at competition, but then it's really an amazing strategy for you to get a good look at the competitive landscape. Again, so you can see what people are doing well, the gaps that need to be filled, and how you can differentiate yourself.
I absolutely love being a business coach because whenever I go to a conference, and I just went to one in Boston last week, I'm there for my own business, but also for all of my clients' businesses. I'm constantly learning new tools and assessing what processes will help my clients in developing and growing their business. But the benefit is twofold, right?
Because whatever I'm learning, I'm also learning for myself as well. And learning from your competition can also be incredibly valuable for you, no matter what industry you're in, if you decide to go in it to it with an open mind. I want you to think about it this way. Your competitors have already done some of the hard work of figuring out what resonates with your ideal clients. They've tested messaging, they've created systems, and learned valuable lessons along the way, I'm sure.
So when you study their approach with curiosity rather than comparison, you're essentially gaining access to market research someone else has done who came before you. And again, the critical part, you're not looking to copy. So, I want that to be very clear. You're looking to understand what works, what doesn't, and most importantly, where the gaps are that your unique approach can fill. Maybe you notice all your competitors use technical language, but your ideal clients need someone who can really break things down simply. Perhaps you see they're all missing a key service that you know your audience desperately needs.
And this is exactly how I approach learning from other businesses too. Okay? I don't feel threatened by their success anymore. I definitely did initially when I was starting out. But now I don't feel threatened by their success or intimidated by their polished presentations, right? Instead, I ask myself, what can I learn here that will make me a better coach for my specific clients?
That shift in perspective will transform competition from something that really breeds a lot of insecurity and mental drama into a powerful tool for you to grow and for your business to grow. So, I encourage you to schedule time this week to research your competition with this new mindset. Take some notes, sign up for emails, maybe even invest in their entry level offering, whatever that is, if it makes sense for your budget. But do it all from a place of abundance rather than scarcity. Okay? Knowing that your unique voice and approach are exactly what some people in this market have been waiting for.
Also, if you're feeling super brave, reach out and try and connect with them. Certainly come to the table with what you can bring to them of value. You don't want to just be consuming people's time and you know, you want to be respectful. But I remember early on meeting with a lot of really great coaches who were able to give me the good, bad, and the ugly of the industry and it informed so much about how I approached building my business.
So, here's what I want you to also remember about competition in your business journey. Competition is not your enemy. It's actually evidence that you've found a viable market. The key is approaching it with the right mindset, like everything I talk about, right? Instead of letting other businesses convince you that you're too late or not good enough, see them as proof that people want what you're offering. Your unique voice, experience, and approach will resonate with the right audience, even in what feels like a saturated market.
Remember the bottled water example that I love. An industry that seemingly couldn't be more saturated. 3,000 companies selling something that most people access for free in their kitchen. Or maybe not most people. I don't know the stats, but most people in the US, let's say. Yet new brands continue to emerge and thrive because they find ways to differentiate.
Let me wrap up with three critical takeaways. First, number one, develop your business idea before researching competitors. This protects your creativity and prevents the mental drama of comparison that will absolutely try to kill your motivation before you even start.
Number two, when you do research competitors, approach it like a scientist gathering data, not as someone looking for reasons to quit. Ask, what are they doing well? What needs aren't they meeting? How can your unique background help you serve clients differently? Okay?
And number three, remember that established competitors took years to build what you are seeing today. Do not compare your beginning to their middle or end and use it as self-sabotage, okay? Give yourself the same grace and time to evolve your business. I promise when you compare yourself after being in business for one, two, or three years to where you started, you will be amazed at how much you are able to accomplish, right? Don't let looking at a business who is further along than you tear you down.
So this week, I want you to take one specific action around competition. Okay? Choose three competitors in your space and identify one thing each of them is missing that you can provide. Maybe it's a more personalized approach, a specific solution to a problem they're overlooking, or simply bringing your authentic voice to the topic that needs it. Write these three differentiators down and keep them visible as you work on your business. When comparison creeps in, these notes will remind you exactly why there's room for you in this market.
And please, please, please reach out and share with me about how this process is going for you, where you're getting stuck, what challenges you're facing. I promise that if you are facing challenges or confusion or questions, there are other people out there, other moms who are building businesses that have the exact same questions. So you can email me at Jenna@jenna.coach. And if you're finding value in these episodes, I'd love it if you'd share this podcast with another mom who's considering the entrepreneurial path. Just text her a link. That small action could be the encouragement she needs to take the first step.
I'd also love for you to follow the podcast. Click the follow button or the plus sign wherever you listen so that you don't have to go searching for the podcast. I release new episodes every Wednesday, and those new episodes will pop up on your main page. Until next time, remember that the only permission you need to start your business is your own. I'll be here cheering you on and sharing everything that I learn along the way to make your journey a bit more seamless. All right, I'll see you next week.
Thanks for listening to this week’s episode of How to Quit Your Job: A Mom’s Guide to Creating a Life and Business You Love. If you want to learn more about how I can help you stop making excuses and start making moves, head on over to www.jenna.coach. I’ll see you next week.
I thought to myself, “The coaching market is so saturated, and look at all of these businesses that have it all,” right? The professional photo, the great one-liners, the motivating copy, the pop-up freebie, the online course and community, right? Endless offerings. And I immediately thought to myself, what am I doing? Why would anyone work with me when there are so many other coaches who've been clearly doing this so much longer and with pristine and professional websites, when here I was trying to create my first version?
I retreated, okay? I stopped working on my website, and when I did put time into it, nothing was good enough. Perfection crept into everything I did, and I was rarely happy with any work that I did put out. And what I realized in that is that I was using competition as a tool for self-sabotage. If my business wasn't as good in comparison, what was the point?
I was comparing my beginning to their middle or even the end of their career and allowing myself to feel so incompetent in the process. And we do this since we are our own greatest critics. And it really is a bummer because knowing our competition and using our competition for inspiration and research can be a huge leg up. And if you're not doing that, you are leaving so much opportunity and creativity and insights on the table.
So by the end of this episode, I want you to know exactly what to do and avoid when considering competition in your industry, even if you are still in the early stages of just brainstorming ideas about a business.
Welcome to How to Quit Your Job, the podcast for moms ready to ditch the nine-to-five and build a life and business they love. I’m your host, Jenna Rykiel. Let’s go.
Hi, mom friends. I want to talk about competition today because we can either use it as a powerful tool or we can use it against ourselves. And one option has us moving our business forward, and the other has us feeling stuck, asking ourselves, what is the point? Ultimately, I want you to walk away feeling like you can find a balance between looking at competition for really powerful market research. And I have some tools and some questions that you can ask yourself in that process to maximize it for yourself and your business.
But I want to balance that with not getting overwhelmed by thoughts that other companies and businesses are so much farther ahead or more advanced, or that the market is saturated. All of these things that I learned from experience that I did when I was first starting out, and that I see so often in my clients.
So, let's get started with talking about how to think about competition in a way that will propel you and your business forward. And yes, that's even if you don't have a business currently and you're in brainstorming mode. I'm talking to all parties at any stage of the business.
When I first start working with moms, there is usually a bit of uncertainty around the actual business they want to start. And that is if they don't already have a business started, which I do also end up working with some moms that come to me with the full-fledged business or business idea. But for those that want to start a business, they know they want to transition into entrepreneurship because they want more freedom and flexibility while still contributing to the family financially. But for some of them, it's unclear what the business will be.
Early on in the brainstorming process, I recommend staying away from thinking about competition. Get a good idea of the value you want to bring into the world, a combination of what you're good at, what you're interested in, what people will pay for, and be open to the possibility of any given business idea. If you already have a business idea that you're jazzed about, even better. You can jump into understanding your own business, and I encourage you to jump into understanding your own business before jumping into what other people are doing.
And why I want to stress that is because I want you to give yourself time and space to be creative and to think about what you want to build and create before doing a ton of research on what other people are doing. I find that when we do the opposite and try to get inspiration from what other people are doing, or we do a lot of research on what's out there, it will always create some sort of mental drama, usually a version of us being deterred because we could never be as good as competition, insert competition, or that the market is saturated. Those are the two biggest obstacles that I hear from people. And they are obstacles that challenge the idea itself, and they really lead us to believe that our idea is not a good one or is not viable.
And those two things, competition and a market being saturated, are absolutely not obstacles. I will tell you why in a second. Because I want to let you in on a little secret about the entrepreneurial world. No idea is original, and every market is saturated. Yes, it can be valuable to understand markets and assess viable businesses based on competition, like we did in many of my MBA classes. But I would argue that there's a very small percentage of business types that this is truly a make-or-break for.
Just because a market is saturated doesn't mean you can't be successful. And if a market is, let's say, saturated, whatever that means to you and to the business gods, it becomes so much more important that you differentiate yourself, which is a whole other topic entirely, but something that's never impossible to figure out.
So how do I know that every market is saturated, but you can be successful? I love thinking about the bottled water example that I've used before. Not only is drinkable water free and potable in a huge percentage of the US and many other countries, but almost every person I know owns at least one reusable water bottle, or if you're my family, you have at least 15 Owala water bottles. And I think I've talked about Owala water bottles on this podcast as well. And yet, there are thousands of companies that sell bottled water. I Googled it because I was curious, and there are almost 3,000 companies. That's insane. And, you know, the branding varies. It blows my mind.
But as long as these waters are differentiated in some way by the product itself, the brand, the marketing in general, it can find a way to sell. So if people can sell bottled water successfully, if almost 3,000 companies, I promise that you can sell your services or product in what seems like a saturated market. What I want you to hear out of this is that your brain will absolutely 100% tell you that the market you want to enter is saturated, and people are already doing what you want to do and they're doing it well. And I want you to not be deterred by that. In fact, I want that to motivate you. Because it's a strong indicator that it's a viable market if there are a lot of people in it.
If there are a lot of people in it, like I said, differentiation is the most important thing. And one simple way to differentiate is through your personal story. No competitor has lived your exact life or had your specific combination of experiences. So share how your journey shapes your approach to create an immediate point of difference. And I love to say that experience is an asset because it's so true. The good, bad, and the ugly of experiences can fuel your story, and it can differentiate you from competition.
Bottom line, don't try to get inspiration for your business by looking around and seeing what's in the market. Start with the creativity of your own beautiful brain and what differentiates you, which is your beautiful brain and your experiences, to actually settle in on a potential idea. And then once you have an idea, then we'll talk about how you can best research the market. But at least initially, stay away from getting inspiration from faceless businesses on the internet. It often backfires.
Now that you have your business idea, and maybe you came to this episode with one, or even a fully baked business, this all applies to no matter what situation you're in. Because it's important that you understand your competition, and it's never too late to understand competition in a new way. What we want to do now is use competition as market research. You want to get a lay of the land. But, and this is important, from the lens of a scientist doing research. I want you to understand the numbers and other people in your industry offering similar services or products.
One of my clients started an event space for kids' birthday parties. This idea came to her because she saw a need that wasn't being met in her community. She heard moms constantly complaining about the amount of work that went into giving their kids a memorable birthday experience. And she realized there weren't any great spaces in her area that were curated for kids' parties.
She also thought about her interests and skills, something I always recommend people do at the beginning of trying to figure out their business. And she was always being asked by friends to help them decorate and, you know, other tasks in their parties. So it was a beautiful marriage. This business of hers is a beautiful marriage of her interests, skills, and a service that people were willing to pay for.
But here's where competition comes in that's important. It's important that she did her due diligence after understanding her own business idea and what differentiated her to see if there was competition in the area that were hotspots for kids' parties. In her case, there weren't. But choosing a location or even thinking about what she could offer to be unique from what's out there could be a critical step.
For instance, maybe in her research of competitions, she saw that there actually was a venue, a Chuck E. Cheese, which we all are somewhat familiar with, right? So let's say that there was a Chuck E. Cheese in the vicinity. There wasn't, but let's say that there was. That doesn't necessarily mean she shouldn't open her business. It just means that she has to be different from Chuck E. Cheese in the experience she brings to kids' parties. But the only way to know how her business or your business will stand out is to know what competition is already in the space, so then you can think about how you can be different.
It's important to understand the ins and outs of your competition, but you have to approach that research from a neutral headspace, one that is just there to gather information rather than use the information against you like so many of us love to do. So when you're researching competitors, I want you to focus on three questions. What are they doing well? What needs aren't they meeting? And how does your unique experience as a whatever your specific background is or your expertise allow you to serve clients differently?
Many of my clients have businesses that are service-based and virtual, which is a little bit different because the competitive landscape is infinite. And when I say that, I mean that if location and proximity isn't a factor, you're competing against everyone in the world essentially with a business similar to yours. And I want you to know that's okay too. And so you're not going to be looking at competitors in your zip code. But you are going to be looking at competitors who have businesses similar to yours.
So let's use coaching as an example. There are infinite businesses out there that do some sort of coaching. When you're jumping into market research in a service-based business or a product-based business that is global even, I want you to look at the businesses that are most similar to the expertise or niche that aligns with your business idea.
And when I say niche, if you're not sure the niche that you're in or your ideal client, I did an entire episode, episode 41 on how to niche down in order to level up your business. So how to find your ideal clients. So if you want to check that out, that's a great resource for figuring out exactly who you serve so then you can also figure out the competitive landscape that you're in.
A good example of what this looks like for a coach is that maybe if you're a relationship coach, you would want to get inspiration and understanding of a handful of relationship coaches out there. You probably don't want to look at business coaches or coaches who help with weight loss or coaches that do productivity coaching, right? You want to look at businesses and coaches out there who are in the relationship coaching space. So maybe stay away from those who are doing brand consulting or those who are doing organic marketing. But you get what I mean, right? You want to look at other coaches who are offering something similar.
And again, this is research that you're doing as a scientist to understand the needs of the market. And this is important too. I'm not suggesting you steal or copy ideas that are out there. But seeing what's out there can really unlock creativity, especially when you're viewing competition from this open and energizing headspace.
Here's the other thing. I want you to dig into the competition, okay? Sign up for newsletters, register for freebies, buy their $50 course. You are in learning mode. This is great learning for things like seeing how people set up their funnel and what they're offering and teaching.
It's not just great learning to see how people set up their business and their funnels and what they're offering and teaching. It's great because you may also learn something really powerful that you can bring to your ideal clients and you can bring to the industry. Again, it's so important for you to do so much of the creative work upfront without looking at competition, but then it's really an amazing strategy for you to get a good look at the competitive landscape. Again, so you can see what people are doing well, the gaps that need to be filled, and how you can differentiate yourself.
I absolutely love being a business coach because whenever I go to a conference, and I just went to one in Boston last week, I'm there for my own business, but also for all of my clients' businesses. I'm constantly learning new tools and assessing what processes will help my clients in developing and growing their business. But the benefit is twofold, right?
Because whatever I'm learning, I'm also learning for myself as well. And learning from your competition can also be incredibly valuable for you, no matter what industry you're in, if you decide to go in it to it with an open mind. I want you to think about it this way. Your competitors have already done some of the hard work of figuring out what resonates with your ideal clients. They've tested messaging, they've created systems, and learned valuable lessons along the way, I'm sure.
So when you study their approach with curiosity rather than comparison, you're essentially gaining access to market research someone else has done who came before you. And again, the critical part, you're not looking to copy. So, I want that to be very clear. You're looking to understand what works, what doesn't, and most importantly, where the gaps are that your unique approach can fill. Maybe you notice all your competitors use technical language, but your ideal clients need someone who can really break things down simply. Perhaps you see they're all missing a key service that you know your audience desperately needs.
And this is exactly how I approach learning from other businesses too. Okay? I don't feel threatened by their success anymore. I definitely did initially when I was starting out. But now I don't feel threatened by their success or intimidated by their polished presentations, right? Instead, I ask myself, what can I learn here that will make me a better coach for my specific clients?
That shift in perspective will transform competition from something that really breeds a lot of insecurity and mental drama into a powerful tool for you to grow and for your business to grow. So, I encourage you to schedule time this week to research your competition with this new mindset. Take some notes, sign up for emails, maybe even invest in their entry level offering, whatever that is, if it makes sense for your budget. But do it all from a place of abundance rather than scarcity. Okay? Knowing that your unique voice and approach are exactly what some people in this market have been waiting for.
Also, if you're feeling super brave, reach out and try and connect with them. Certainly come to the table with what you can bring to them of value. You don't want to just be consuming people's time and you know, you want to be respectful. But I remember early on meeting with a lot of really great coaches who were able to give me the good, bad, and the ugly of the industry and it informed so much about how I approached building my business.
So, here's what I want you to also remember about competition in your business journey. Competition is not your enemy. It's actually evidence that you've found a viable market. The key is approaching it with the right mindset, like everything I talk about, right? Instead of letting other businesses convince you that you're too late or not good enough, see them as proof that people want what you're offering. Your unique voice, experience, and approach will resonate with the right audience, even in what feels like a saturated market.
Remember the bottled water example that I love. An industry that seemingly couldn't be more saturated. 3,000 companies selling something that most people access for free in their kitchen. Or maybe not most people. I don't know the stats, but most people in the US, let's say. Yet new brands continue to emerge and thrive because they find ways to differentiate.
Let me wrap up with three critical takeaways. First, number one, develop your business idea before researching competitors. This protects your creativity and prevents the mental drama of comparison that will absolutely try to kill your motivation before you even start.
Number two, when you do research competitors, approach it like a scientist gathering data, not as someone looking for reasons to quit. Ask, what are they doing well? What needs aren't they meeting? How can your unique background help you serve clients differently? Okay?
And number three, remember that established competitors took years to build what you are seeing today. Do not compare your beginning to their middle or end and use it as self-sabotage, okay? Give yourself the same grace and time to evolve your business. I promise when you compare yourself after being in business for one, two, or three years to where you started, you will be amazed at how much you are able to accomplish, right? Don't let looking at a business who is further along than you tear you down.
So this week, I want you to take one specific action around competition. Okay? Choose three competitors in your space and identify one thing each of them is missing that you can provide. Maybe it's a more personalized approach, a specific solution to a problem they're overlooking, or simply bringing your authentic voice to the topic that needs it. Write these three differentiators down and keep them visible as you work on your business. When comparison creeps in, these notes will remind you exactly why there's room for you in this market.
And please, please, please reach out and share with me about how this process is going for you, where you're getting stuck, what challenges you're facing. I promise that if you are facing challenges or confusion or questions, there are other people out there, other moms who are building businesses that have the exact same questions. So you can email me at Jenna@jenna.coach. And if you're finding value in these episodes, I'd love it if you'd share this podcast with another mom who's considering the entrepreneurial path. Just text her a link. That small action could be the encouragement she needs to take the first step.
I'd also love for you to follow the podcast. Click the follow button or the plus sign wherever you listen so that you don't have to go searching for the podcast. I release new episodes every Wednesday, and those new episodes will pop up on your main page. Until next time, remember that the only permission you need to start your business is your own. I'll be here cheering you on and sharing everything that I learn along the way to make your journey a bit more seamless. All right, I'll see you next week.
Thanks for listening to this week’s episode of How to Quit Your Job: A Mom’s Guide to Creating a Life and Business You Love. If you want to learn more about how I can help you stop making excuses and start making moves, head on over to www.jenna.coach. I’ll see you next week.
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