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In today’s competitive market there are thousands of suppliers as well as competitors. It is very challenging to gain an edge over your competitors. If you are reading this article you are probably trying to find ways to beat your competition. One of the things you can do is to inject or apply new ideas into your existing business, something that hasn’t been done before.
In addition to trying to find a better cheaper supplier for the highly competitive dollar store items that is being sold both online and offline, you can take a step back and think. What are some of the products that my competitors aren’t already selling, what is hot in other industry that maybe I can crossover with my existing business? You can keep an eye out of some of the hot trends and hot products that are in the market and see if there’s anything that you can do that has a relation to your business. Here’s an example, these days’ iPods and iPhone are super HOT. Everyone has iPods, not to mention iPhone dominating the smart phone market. You can think of accessories, some of these accessories have gone down in prices so low that it can be sold as a dollar store item. That’s right! There are silicone cases, wire-wraps, earphone silicone covers etc etc that can be sold in your dollar store.
This is just one example. You can apply this principle of taking what already exists in the market and putting it to good use. That’s call creativity. You don’t have to re-invent the wheel or redesign a whole new product. You don’t have a lot of starting capital. Just apply your creativity and try to come up with these ideas to make your business competitive. How excited would your customers see that you are selling iPod or iPhone accessories for under US $1.00? They will even tell their friends and family about how they got a huge bargain, something that they normally have to pay $5 – $10 for on eBay or other retail stores. Remember to keep your eyes open for new trends and hot products even if they currently do not fit into your business model yet. There’s probably something you can do with it in the near future. I bet Apple Inc, being a PC marker for all their life, never thought of entering the MP3 market and mobile phone market and be so successful.
write by bailey