Beating the Competition by Staying in Business and Finding Your Sweet Spot

It seems like everyone owns a business these days. Tell me, do you ever feel like the competition in the business world is getting stiffer every year? Do you also feel like having a brick-and-mortar business isn’t enough anymore—that you need an online presence, too?

Well, you’re not imagining it.

With 29% of all business now conducted online—and that number growing as commerce becomes more national and international—it’s easier than ever for new entrepreneurs to jump into the game. But that also means the marketplace is getting crowded.

The good news? Competition isn’t the enemy. Nobody can do what you do for your customers the way you do it. The trick is staying in business and finding your sweet spot. As we discussed in last week’s blog, navigating the ebbs and flows of business is no small feat. But when you implement the right strategies—like the tips we share here at ThriveWell Collective—you set yourself up for long-term success.

Why Many Small Businesses Fail

Too many business owners cut corners, skip steps, and ultimately set themselves up for failure later on. Sometimes it’s in how they establish their business legally and financially (more on that in next week’s blog), and other times it’s in how they deliver their product or service.

But here’s the thing: how you deliver your product is your golden opportunity. In fact, it’s where you can gain the biggest edge over your competitors. When people know exactly what you do, how you do it, and who you do it for, they’re far more likely to come to you when they need help—and to share your business with their network.

That’s why today we’re focusing on three foundational strategies for staying in business consistently and thriving in the face of competition.

1. Get Clear on the Problem You Solve

Every successful business solves a problem. But the real magic happens when you’re crystal clear about the problem your customers think they have—and how you address it.

Let’s take the example of SelfSync Financial Therapy. At its core, this business helps clients overcome loneliness. But loneliness isn’t the problem their wealthy clients recognize. Instead, their clients think they’re losing sleep because of stress tied to their pursuit of success. The truth? They can’t sleep because they feel unsafe, and that deep-seated feeling stems from their loneliness.

Understanding this dynamic allows SelfSync to frame their marketing around a solution their clients resonate with: sleeping better and redefining success.

So, what’s the problem your customers think they have? Get clear on it. Then, make sure your business is set up to solve it effectively.

2. Know Who You Serve Best

Sure, you may feel like you can help everyone—but realistically, you can’t. And trying to appeal to everyone will dilute your message and your effectiveness.

Instead, focus on the customers you most enjoy helping. Who are they?

Maybe you’re a clothing designer who specializes in creating flattering options for petite women struggling to find their size in mainstream retail. Or a tutor who helps kids learn through hands-on activities rather than textbooks. Or perhaps you’re a personal trainer whose ideal clients are high-performing professionals willing to invest heavily in their health.

Whoever they are, get to know them deeply. Then, speak directly to them in your marketing.

When you niche down like this, you not only create stronger connections with your ideal customers, but you also build authority in your chosen area. And that’s a major advantage in today’s competitive landscape.

3. Remember Your “Why”

This one’s for you—not your customers. Staying in business isn’t just about solving problems or serving the right audience; it’s also about staying motivated. And that comes down to knowing your “why.”

What’s your mission? How will your corner of the world be better because of what you do?

Take, for example, a business that specializes in repairing glass for train cars. This company started out fixing automobile glass and could have branched out into many directions like storefronts or even homes, but they chose to niche down and focus exclusively on railroads. 

Once they did this business became easier and from this easy they determined their, “WHY.” They stay motivated through ebbs and flows in business because they know their why. They are deeply committed to making train travel safer for conductors and passengers.

When you’re clear about your “why,” it not only helps you persevere during tough times, but it also guides your decision-making.

Why These Steps Matter

These steps—identifying the problem you solve, understanding who you serve best, and staying connected to your “why”—are critical for staying in business, even when times are tough. And trust me, most of your competitors are skipping them.

Instead of narrowing their focus, they’re trying to be all things to all people. Instead of solving a specific problem, they’re diluting their value proposition. And instead of rooting their business in purpose, they’re chasing short-term gains.

When you take the time to find your sweet spot, you’ll not only stand out in a crowded market, but you’ll also navigate the ups and downs of business with greater confidence and peace of mind.

The ThriveWell Edge

As you head into 2025, consider how you can implement these strategies in your own business. And remember, you don’t have to do it alone.

The ThriveWell Collective is here to help you maximize both your health and wealth—because when you’re thriving, so is your business. If you’re looking for more support, connection, and actionable insights, we invite you to join the ThriveWell Collective community. Together, we’ll help you find your edge and achieve your goals.

Here’s to staying in business—and thriving—no matter what the competition looks like.