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How Reduced Barriers to Entry and New Technology are leading to Increased Competition

Published on 27 January 16

James Follow

The average person will have two to three careers throughout their working life. People are more than likely to consider home-based businesses during their second or third career move, often using their existing skills as a launch platform. Since the rise of the Internet, the traditional nine-to-five routine and need to have a physical presence on the high street has been dying. Many people are starting to realise that they don't need a whole career's worth of experience or a significant budget to start a new business. This has led to an influx of new competition.

The real estate industry is the perfect example. Ten years ago, real estate was an image-driven profession. Agents had to command high fees in order to cover the cost of their premises, fleet of cars and suave attire. Nowadays, over 90% of buyers and renters start their search online (according to Realtor.org), using property portals such as RightMove and Zoopla. Both online and traditional estate agents use these websites to promote or find new clients. The only major difference between them is their cost. Older companies now have to meet the demands of online companies – which can charge less – in order to maintain a foothold in the industry.

Greater Resources

There are literally millions of content creators on the Internet. In fact, most people don't even realise that they are contributing: status updates on Facebook, leaving comments on articles, starting a new Reddit topic. In short, everybody can contribute something to almost any business, even if it's just an opinion. With such an abundance of content, spanning virtually every industry in existence, technology has helped those without academic backgrounds to learn new skills. Employers are starting to recognise experience and passion over qualifications, leading to reduced entry barriers in the workplace.

Increased Connectivity

New communication systems have made it possible to run global operations without any significant expenses. With the help of smart phones and tablets, applications and messenger services, such as Skype, and private voice termination companies, such as IDT Carrier Services, are making it easier for employers to look further afield – often to countries with much lower labour costs. This is allowing small business owners to outsource work and hire employees, even if they don't have the budget to employ domestic workers.

Reduced Bureaucracy

Working life is a struggle, especially when the levels are hierarchy are deep. With the rise of online businesses comes a significant reduction of bureaucrat behaviour. This is an attractive prospect for many young professionals who find it difficult to move up the chain of command or get their voices heard. When starting or joining a small, upcoming business, this isn't a problem. Many unemployed professionals see this as a significant bonus and are more willing to commit their time and energy to businesses that genuinely care about what they have to contribute.

Fewer Long-Term Commitments

With traditional workspaces comes huge expenses. Most offices require a minimum tenancy agreement, usually three or more years; small businesses simply can't afford to make such a long commitment. According to serviced office provider, Rombourne, this is no longer a problem. Serviced offices can be hired on a rolling monthly basis, offering the same resources and benefits that a traditional office can provide, but without the long-term commitment. This is a growing trend among new business owners, and is helping small timers compete with larger organisations.

Increasing competition isn't a bad thing; it simply means that new (and existing) businesses must strive for excellence and make more effort to stand out. After all, quality will always reign supreme. Fundamentally, the only way to survive in an industry of stiff competition is to constantly go above and beyond client expectations.

This blog is listed under Development & Implementations Community

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