Have you been searching for a market with no competition before you start your business?

I hope you don’t find one.

Because if you do, you’ll most likely waste a lot of time and money before giving up.

Here are 3 reasons why a market with no competition is bad for you.

REASON #1

There may be no competition because your product or service is unknown.

Having to educate people before you can sell to them is very expensive and/or time consuming.

I once worked for a company that financed small businesses in an unusual way.

That was before email and social media. We did cold calling and live presentations to groups. Expensive and time consuming.

REASON #2

There may be no competition if the market can’t afford to buy or don’t want to buy.

I heard of a course that would make you a master at playing a popular video game. All the teens wanted it. Their parents, who had the credit cards, were less enthusiastic.

REASON #3

There may be no competition because there's no easy, affordable way to reach the market.

The business finance example from Reason #1 also fits here. Even in the internet age, few businesses would join the “I’m in Financial Trouble” FaceBook group.

There's little chance you’ll discover a market no one else has considered.

If you think you have, it could pay to determine which of the above reasons has kept everyone else out.

Who knows, you may indeed be the first one to find an affordable way to reach that market.