Have you ever been told you can’t do something, and it makes you want to do it more? Like competing against the big boy, the giant businesses that seem to dominate industries.
I was told by someone, that I won’t be able to make anything of Elementary Analytics unless I get VC funding or massive outside investment.
In this episode I give my thoughts and what I felt being told this and if it is making me think twice about working on Elementary Analytics.
Spoiler alert: It isn’t
[00:00:00] Hello, ladies and gentlemen, my name is Phil Hughes, and this is the final side hustle podcast. So this podcast gives you a behind the scenes. Look at the side of hustles, startups, and businesses that I’ve worked on over years, showing you the pitfalls of starting and working on a side business. So you can learn from my mistakes and launch your own successful cycles.
I spent over a decade working on side projects, hoping to finally find that one thing that. So I can leave the constraints of the rat race. The nine to five. I’m not saying I’ve been successful yet. I’m still trying to find my one thing.
In this episode of find your site. So I’m going to be chatting about competing with the big boys, the giants of this world and the marketing space. I’m in the market. I’m in,
[00:01:00] there’s some very, very, really big players in the market. And they’ve got a lot of venture capital that got a lot of funding. They got a lot of investors.
They’ve probably implied experienced people and it can be scary to go into that market and try and compete against them. And the reason I’m decided to talk about it on this episode is going back a good few months. Now I got to catch up with someone who has worked on. Extensively in the market that I’m in.
So my academy to give a bit context for elementary analytics is sort of the analytics and social media space and sort of data collection and reporting. And there’s some very, very big players in the market. You know, people like buffer, I think social Becky’s is one of the real, huge giants in the, and it can be difficult to sort of compete against them around the catch, up with this person.
And they were telling me, okay,
[00:02:00] To get anywhere in this market to be able to compete. You need to get funding. They reckon that you will not get anywhere at all. Unless you got funded in Michigan venture backs. You know, you got a bit of capital behind you because you won’t be able to spend them. You won’t be able to compete with them.
They’re just gonna deploy out the water inserted to spend the money on ads and get new customers. And they’re probably able to spend millions more than I’ll ever be able to do. To get out there and get in front of people. And I’m just going to get blood out of the water. And did it say to me, you know, there’s a lot of stuff you could do.
If I wanted help getting funding and trying to find investors to let them know I’m recharged. But, um, most importantly, basically they kind of hinted out that based garden that God would get wouldn’t get anywhere. There would be no place in the marketplace for me. I
[00:03:00] be I on me now, you know, many years ago, I maybe been disheartened about this spot I was at to the quiet, motivated, to be honest.
And I don’t know, you know, it’s not just the software space that I’m in, in the certain market. It could be any space, you know, you’re coming to sort of the, not the sports wear arena with someone idea, you could get blood on the water, but that hasn’t stopped people like under Armour taken a massive market share and become.
Uh, multi-billion pound company. And I don’t know whether they’re taking investment in not buying. I’m not too scared of about sort of the, the big buys. I told him that it’s not, it’s still been natur or things up in lending over the years, but I don’t, that didn’t put me off. They said, dad, I think he was like, well, you know, just because that’s what’s used thing doesn’t mean that that’s necessarily going to be true.
There’s always going to be a place in the market for smaller, smaller software products.
[00:04:00] And these big companies have validated the market so many times that I’m actually in a good competitive market space where there’s gonna be space for me. And I think the way things have got over the past few years with the pandemic, with the great resignation that we’ve had going on and all these sorts of things.
I think there is a space for the little guy, but the people who are just starting out and don’t want to get investment. And I think people will be more open to working with you. And especially during the certain bar, especially if they start their own business and that the, a small team and doing things.
So I’m not necessarily scared of put off by that. Um, and I’ve taken it as a little bit of a challenge. Looking at it differently and queen, well, I, if I can get your small market share of all these, the, these people, then I’m doing something right. And you know, all these people are just spending a fortune on ads.
So where’s my differentiator. And it come back to do it at Casa. Did I think
[00:05:00] it started in November, 2021 and finished it February 20, 22. And it was, um, Seth Gordon, who I’ve, if you’ve listened to the podcast, I do talk about Seth Gordon. And he did this thing called the marketing seminar, which is a course which opened in November when it was a three-month course.
And you get sort of a couple of videos a week that he’s recorded. And then you worked through and you went through a few tasks. And one of the things that he gets you to do is sort of compare yourself to the competitors and look at on an X, Y axis, put, put you against someone. And I think some of the things I did on that was said, I think the way I explained it, I would have really bought you this, but the way it was explained, it is there’s opposites on these access.
You’ve got like a cross in the middle of the page and say the top left is these big, big buys, the giants, the funding, you know, hundreds of thousands of customers and gotten cash flow coming in. And then the complete opposite access is me, which is like the
[00:06:00] small one month software product. I know you said there is a differentiator that people will want that you said not everyone.
Once you go to these big companies and wherever you want, all these X, Y axes, and what makes you different. And initially what you’re going to start getting in your messaging and getting across to yourself. And that’s something that really, that really stuck with me. And, and even when I got told this, I was just like, well, that’s your opinion.
And you might be, you might be right. And. I don’t know what the goal was. If this person I told them what they were hoping that I didn’t, you know, whether I stopped and then waste my time or anything, or did it come back to them and go out yet, give me some, get me in touch with some people to fund me. I don’t know, but for me, I just went away and was like, right.
You know what? I need to just double down and figures, figure something out. When can I go in the lucky place? Where can I save? So it potent feed out where people might be looking, they might not be on Twitter. They might not be on LinkedIn. They might not be going to places like Reddit
[00:07:00] or Quora. So I think there is places that did it, and I just saw it as a challenge.
And I just saw it as a way as well, too. There were the things as well. And I listened to the, the it’s called podcast with Neil Patel. I know exhibit this, Eric Sue, and they go on a boat. How to, you know, Again, Neil Patel credit software to Lamont up against some very established companies. I need to start giving what they’re charged for away for free.
So that’s something I’m looking at recently to go like, what can I do? What can I give away? Or what can I offer that the big boys don’t necessarily do because it can’t be. It can’t be done for them because it just doesn’t make financial sense. Well, for me, absolute ground zero, I could just do it, you know, it’s, it’s, it’s no biggie for me.
So I think if you’re going into a market place and you’re scared of the competitors, Darby go against the big boys, go against the giants of this world. And a lot of people
[00:08:00] always say as well, they can’t move. As I challenge you, they’re not as flexible. They’re not as quick nimble, you know, look at you as like a, you know, so this is.
Nimble, you know, this nimble fighter plan. That’s like being able to sort of navigate through these little cracks and you’ve got this big bomber that’s coming after you and they can’t change direction. Like you can, you can probably respond to customers and get sort of a customer base and sort of a niche that you want to drive because you’ve got the ability to talk to customers, to react to what they say really quickly and get feedback and move forward with it.
These big companies never have that. And I’ve heard this on low loads of podcasts where people just can’t move forward with these products because they’re so big that they can’t seem to pivot as quickly as cut off. Let’s not say pivot, but adapt the product to suit peop people, certain peoples. And they’re not just purchasing the money because of the,
[00:09:00] because of the investment and the venture capital.
They’re always on a bit of profit margins, not what’s best for the customers and the target audience. So competing against the big buys. You do have a lot differentiate. So I’ve not gotten with anything too much actionable. Just don’t be disheartened if you’ve got an idea of how you’re on in the market place.
And you’re like, you’re thinking there’s too many big plays in, uh, you can definitely cut a margin, cut a trough yourself. And I think it is really doable. And I think more and more with the way the world’s going in the web people, buying from people and the word sort of Twitter and LinkedIn, LinkedIn is going, you can easily cut yourself a marketplace and get to where you first set goals like I’m trying to do and then go on from there.
And if you end up a huge company, great, if you don’t, as long as you get to where you want, like myself for a lifestyle business, you’re caught in your cabin, a puff yourself, and that’s correct. I think this episode’s more motivational and don’t be put off. You’ve
[00:10:00] got a lot of positives being a small woman, Bundoora, or a small team that these big companies can’t have, and it will play into your hands.
You just got to figure that out. That’s it for this episode, if you like, if you liked this episode, please take a screenshot, share it on Instagram. First, put LinkedIn, if you’ve linked to me or, you know, me handles on the platforms. Right. A comment more than happy to sort of get involved in a conversation if you liked it.
And you think you’ve found it useful. If not, I’ll speak to you on the next episode, take care, stay safe. And I’ll spit you also.
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