MARK ALEXANDER

You’d do well to think twice before opening a florist shop in a small town which already has three such shops. Keep in mind at all times this fundamental fact about a home business:
For any given product or service there is a basic potential market. When this market is served by several competitors they split the potential business amongst themselves. If another competitor enters the market he only causes a further split of the potential business. And, most important of all, entrance of a new competitor does not increase the potential market.
So don’t assume, as many beginning home wealth builders do, that a large number of people in a business indicates that there’s a very large demand for their services or products. AU but a few of the businessmen may be going broke. Actually,
The greatest need for a business exists when no one is in the business but people require the product or service the business would furnish.
Thus, Joe T. opened a locksmith shop in his garage after he found that there wasn’t one such shop in a city having a population of 65,000 people. Joe’s only competition was two hardware stores in town. While these stores would duplicate a key for their customers, they couldn’t render fast service because they were more interested In pushing hardware. Why? Because hardware was more profitable.
Soon after Joe opened his locksmith shop the two hardware stores closed down their key departments and sent their customers to Joe. He gives better, faster, and more efficient service. The hardware stores keep the goodwill of their customers because they recommend a competent locksmith. Joe profits and the stores rid themselves of an unprofitable service which was a constant nuisance.