Biz Startz  ~>  Minding Your Biz  ~>  Next Article  (Have You Paid Yourself Today?)

You have to look out for them. They’re lurking around every corner. They have their catchy brand name and flashy packaging, and they’re out to get you. Are you panicking about the competition boogieman? Don’t worry, competition can be a great thing for your business. Here’s how having that rival business can be a cool deal.

You probably have some family member that’d tell you competition "builds character." They say it when you have to shovel snow and take out the garbage at 5 a.m., too. Competition can build more than character, it can build some publicity for your business.

Tiffany Cooper, who runs a Miami-based floral company called T&T Enterprises, has caught some eyeballs by being a young competitor with the other flower businesses in town. "Competition has helped give me more publicity," Tiffany says, "I also get a lot of adoration from my peers, not many businesses are started by teens."

Know how you train extra-hard for that one big ball game every year? Business competitors can give you the same focus with your company. John Stirratt, Jr., a 19-year-old who has a business selling peanuts outside of football games in Wisconsin, has to compete with the peanut vendors inside the stadium. "I like competition because it motivates me more," says John, "Last week I sold 200 bags of peanuts, and I think about how I’ll beat that next week."

Having rivals has made Tiffany push harder to make her business successful, as well. "It made me get more serious about it. Even though I’m a teenager, if my prices aren’t reasonable, business goes to my competition," says Tiffany.

There are a few ways to turn that boogieman business across town into a pink fluffy bunny. Having cool, quality stuff is one good way to keep up on your competition. Both Tiffany and John get customers because they have fresher flowers or peanuts than the other guys. Pricing is another good way to beat them. John gets business because he sells almost twice as many peanuts for half the price of the stadium vendors. Being young and owning a company can be an edge as well, make use of it. Tiffany rakes in customers because she’s a ‘trep. "More social groups and organizations have wanted my business because I’m young and trying to do something more on the positive side," says Tiffany.

Competitors can be scary sometimes, but that’s no reason to cower under your covers. "You can’t let competition bring you down," says John, "sooner or later, if you promote yourself and have a price tag that competes with the big guys, you’ll get to the people."

Besides, it’s a great rush to match up against big boys. "I’m 19 years old, but I’m competing with people who’ve been in the business for years," says John.