Surviving Your Competition

By Janet Geis and Bart Brodsky

Is running your own business or private practice right for you? You'll need passion, a lot of courage, and, perhaps most of all, commitment.

Everybody has a special gift to offer the world. But all the romantic notions about everyone's "unique selling point" pale when somebody steals your concept and competes directly for your clients. As publishers of OPEN EXCHANGE, we've had to field this complaint often: "My listing was working great, and then somebody copied my idea and is running a similar ad. Now I'm losing business to them. What do I do?"

We answer that question with the following story. During the late 1970s hypnosis had a small but constant following, and OPEN EXCHANGE offered just two classes teaching self-hypnosis. Mostly, however, hypnosis was considered a stage act, not a healing art. Then came major media coverage and a burgeoning interest in hypnosis for therapy and consciousness-raising. At the high point we were offering as many as 40 hypnosis listings—classes, private consultations, past-life regressions, weight and habit control clinics, and certification trainings.

Unfortunately for some providers, 40 listings were more than the market could accommodate, and there was the inevitable shakeout. The listers who entered the field late or expected quick financial rewards seemed to drop out first. Those who were more committed to the discipline—who truly loved their work—stayed with it. By the early 1980s the number of providers in OPEN EXCHANGE leveled out to around 20.

We learned several lessons from this experience. The hypnosis "fad" brought many competitors into the market. Media coverage raised performance expectations of consumers, which hurt some of the less competent or less efficient providers. Even after the fad peaked, however, the market for hypnotherapy was permanently enlarged. The providers who dropped out prematurely often did not recoup their investment in training, time, and money. However, those who persevered through lean times, kept polishing their skills and building a track record, ultimately benefited from everybody else's advertising. (In fact, we often refer to such survivors as "longtime OPEN EXCHANGE listers.")

We've seen this story repeated countless times. It could just as easily apply to accounting, dance, yoga, singing lessons, healthcare, or psychotherapy. Love what you do, yes! Also be ready to make a commitment to its success.