Do you worry about competition?
So I recently thought of a SaaS product from a pain point I had running a marketing agency and thought nothing else does this in the unique way I wanted to solve it.
I spoke to developers, did more research and realised there's some software out there who do what I wanted to do.
Now I'm here again, stuck thinking if I should or shouldn't pursue this.
Being a non-tech founder, it's a lot harder to "not worry" about competition because If I want to build something it'll cost 10s of thousands.
What is your opinions on competition?
It is better to have competition than no competition at all. Competition means there are demands for whatever product you wanted to build.
Think of it as a sign that the market is well validated.
When I started, I had only a few competitors. Big players. Today I have 40+. I stopped worrying about them :D
I think all of us (me and my competitors) thought we could execute better or differentiate ourselves enough. Both of these are actually true. Your product will always be different in some ways, and your success depends also so much on so many other factors like how well you market your product.
Probably nothing out there that has no competition unless it's something that's not worth doing.
I think you should make sure that there is some sort of USP tho for your solution because you don't want to end up competing solely on price, so some sort of unique angle should be there and in general you should make sure that you can distribute your product in a good way as well.
That is so true. Don't start something that has no competition yet.
There's some competition in almost every field. Even 'new' concepts like AirBNB would compete with previous models (hotels).
Main question is how strong are those competitors, how easily can your product or idea outcompete them.
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