For an aspiring entrepreneur, not only can the thought of starting a business be intimidating, but stepping into an industry saturated with your niche’s competitors can bring your business plans to a screeching halt and leave you wondering if you should try your hand at something else. If you have ever found yourself in this predicament, I am here to completely rebuke this mindset and provide you with insight on why you should let go of the oversaturated market theory and start that business you’ve been thinking about all year long.
As business continues to thrive in popular industries such as hair, beauty, and apparel, the term “oversaturated market” is being used more frequently to describe these fields. Last week, I found myself watching one of my favorite YouTubers discuss reconstructing her channel to include content outside of beauty due to the oversaturation of the YouTube space. While it’s obvious that the video-sharing website has seen a spike in creators looking to generate and share makeup-related content, I am a firm believer that no matter the type of content you create or the product you’re selling, the consumer will always gravitate towards whomever best suits their needs, so strive to be their top choice. Besides, crowded markets create healthy competition amongst its competitors, which keeps everyone on their toes!
According to a 2017 article published on Inc.com, testing an unproven market can become expensive, time-consuming, and risky. However, choosing to plunge into a saturated market provides clear signals about where opportunities lie. Just think about it, saturation means that there’s a strong demand and a line of potential customers waiting to see who can offer them the best deals on hair extensions, hair products, cosmetics, clothes, and so on. Every business should have something different to offer that sets them apart from the rest, so I would highly recommend researching your competitors to find out what they’re not extending to their customer base and use that to your advantage.
Have you ever thought about why no one has ever considered restaurants, nail shops, or grocery stores as oversaturated markets? It’s because each company has something different to offer, whether it’s excellent customer service, better prices, or great quality products or services.
The point is to focus less on the oversaturation of these industries and focus more on how we can contribute to them in a way that benefits both ourselves and our audience or customer base so that everyone wins. I mean, consumers, money, and opportunities are plentiful. There’s enough for everybody.
Now go start that business plan!No tags