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What to do if your business idea already exists

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One night, you’re sitting having dinner and bam - it hits you. A brilliant and original business idea. Over the coming days, weeks, maybe months - you keep returning to it, contemplating it.

You decide that this one is worth exploring and fleshing out in more detail. So, with your one-page business plan in hand, you begin to research… and your heart sinks. Someone got there before you.

So, what’s a disheartened entrepreneur to do? With a competitor unveiled, should you abandon the idea completely? Not necessarily. Here are some options to mull over before tossing your idea into the “coulda been a contender” basket:

Do it better.

Just because it exists already, doesn’t mean it’s executed well or is servicing the market’s needs. After all, Steve Jobs didn’t invent the mobile phone (or even the computer, for that matter) - he just revolutionized an existing product.

If you truly believe in your idea, find your own angle. US meal-kit delivery service Blue Apron did exactly that. The overall concept isn’t much different to other services such as HelloFresh. However, they carved out their own niche by targeting socially-conscious foodies with premium recipes, locally sourced ingredients and wine pairings.

Use the market to your advantage.

You already know you need to do it better, and find a niche. Researching the existing market might give you a whole new set of ideas. What need are established businesses not fulfilling in their market? What are their customers already complaining about?

You don’t need to avoid the competition to get ahead - embrace it! Benefit from the seed they have already planted, because the market is already carved out for you. You can topple the competition by differentiating yourself with key concepts that improve and enrich the existing space. Tons of online payment systems exist, but that didn’t stop Stripe from launching their product, which focused on seamless online transacting that smoothed out the bugs and clunkiness developers often faced when setting up website shopping carts.

This step is important for any new business. It’s well and good if your idea exists and you present yourself as a challenger, but thorough research will uncover the critical areas of business you can optimize to differentiate your product or service.

Be memorable, and don’t give up.

When it comes to a new business, you’re the best asset you’ve got. You’re unique, and no two founders will have exactly the same approach. Make your mark and embrace the difference you bring to the table, because an idea existing already is no reason to stop pursuing it in your own way. eBay was not the first online auction site, Amazon wasn’t even the first online bookstore, yet their business has come to represent the benchmark in those markets, with an instantly recognizable brand and offering.

Our research found that successful entrepreneurs don’t wait to act on their ideas, they just go for it - so don’t get too disheartened and bogged down worrying about the competition, just start making your own dream work!

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My Coaching Plan:

Our expert coaches have designed hyper-effective programs that will help 

you become a world-class business builder.

Coach Marlee (your amazing AI-powered personal coach) will analyse your unique traits and goals to let you know which program to start with (and if there are any you should skip)!

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My Coaching Plan:

Our expert coaches have designed hyper-effective programs that will help you improve your mental health, wellbeing, productivity, leadership and more.

Coach Marlee (your amazing AI-powered personal coach) will analyse your unique traits and goals to let you know which program to start with (and if there are any you should skip)!

Your recommended programs include:

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Team Building

Take your teaming to the next level in this high impact 9-week team coaching program with Coach Marlee. Discover and optimize complementary strengths and unique talents with your team, reach decisions together quickly, enjoy team cohesion, high energy and motivation as a bonded team.

5 - 15 minutes
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2 sessions per week

Attention to Detail

Impress yourself and others with your attention to detail! Develop a genuine appreciation, energy and stamina for detailed thinking to execute your vision, measure performance in yourself and others while also accelerating your ability to learn and change.

5 - 15 minutes
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2 sessions per week

Personal Power

In this high impact eight week program Coach Marlee will help you increase your comfort and confidence to be in positions of influence and leadership, navigate organizational politics and also help you develop greater confidence to compete and influence at the top of your industry or field.

5 - 15 minutes
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2 sessions per week

Multiply Your Impact

Multiply your impact by embracing the experience and genius within others. During this eight week program Coach Marlee will help you to develop a genuine appreciation for experimentation and data and a willingness to empower the opinions, feedback and insights within your team and others in your life.

5 - 15 minutes
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2 sessions per week

Trust Your Gut Feel

Explore, strengthen and stand by what you believe in at work and in life. Trust in your ‘gut feel’ and point of view is especially helpful for influencing, starting your own business, having your personal needs met and for living an authentic and meaningful life.

5 - 15 minutes
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2 sessions per week

Big Picture Thinker

Inspire yourself and others to see the bigger picture! Increase your comfort and use of abstract and strategic thinking to gain a broader perspective in work and life. Big picture thinking is key in communication, leadership, businesses, selling, marketing, and situations where you need to get the gist of things quickly.

5 - 15 minutes
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Reflection & Patience

Develop ‘step back’ mastery for increased self-awareness and developing mindsets and tools for constant improvement. Reflection and patience is core to consolidating learning, development, strategic thinking, recharging and living an authentic and meaningful life.

5 - 15 minutes
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Start Fast

Close the gap between your great ideas and starting them. Energy and drive for starting is key for inventing new things, starting businesses, selling, marketing, socializing or in situations where you need to think on your feet.

5 - 15 minutes
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Increase EQ

Explore, develop or strengthen your emotional intelligence (EQ). Awareness of your and others’ emotions is at the heart of influencing, ‘reading people’, impactful communication, deep relating and authentic connection at work and in life.

5 - 15 minutes
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Goal Catcher

Inspire yourself and others to see and achieve grand visions and goals. A focus on goals is especially helpful for inspirational leaders, starting your own business, impactful communication, or for achieving awesome outcomes at work and in life.

5 - 15 minutes
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2 sessions per week

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“This coaching program has helped me improve the way I connect, relate and communicate - deepening my relationships with others and also with myself”

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“This wellbeing program blew my expectations. At first I thought the program was just going to help me with weight loss, but as I went through, I got so much more. This program has helped me shift my entire thinking and attitudes about myself, helping me to prioritize my health and wellbeing. I feel amazing!”

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“I have always found it hard to ‘slow’ down but this helped me to see how I can slow down to speed up”

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“Wow this program has totally changed my relationship to goals! Thanks so much Marlee, I miss you already”

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“I learned to be organised and to have clarity of my target”

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"Marlee really helped me to understand how to cue in on body language and tone when speaking with others, in order to connect on a deeper level"

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