Why you need to monopolize your business.

Imagine taking your business to being a clear monopoly in your industry. You are the only service or product provider for a clear demand in your industry. Your potential prospects have no other options than to go through you for the specific needs you help them solve.

Everyone when they get in a market, hope to identify the Eureka!-product or service that will provide them a monopoly status. Why? Because you have the ability to control the pricing structure of your services or products and grow as fast as you desire.

This is why you should think about seizing some level of monopoly in your area of expertise, no matter what industry you are in. Monopolies are not just reserved to giants, and in this article, I will share my thoughts on how you can work towards creating your own monopoly.

Why you need to monopolize your Afro-impact business ASAP.?

Our societies and governments have always been in favor of competition vs. monopolies. Here's what The Gov of Canada website states as an example: "Competition pushes individuals, firms and markets to make the best use of their resources, and to think outside the box to develop new ways of doing business and winning customers."

But if you are as an introvert in business as me, you do not like competition.

You hate to constantly have to prove your value, or work 27 hours per day to secure more and more customers.

This is where you need to start thinking about creating your own monopoly. Not in the terms of some giant monopolies in certain sectors like water, gas, basic utilities, that can sometimes disadvantage customers.

When you have a socio-impact project, and wish to advance Afro-narratives like most of my clients for examples, creating your own monopoly, would allow you to grow faster you desire, and scale your impact faster. See, it's all about impact-monopoly.

Some sectors like gas, water, basic utilities, governments intentionally create monopolies to reduce overall costs for the whole society, because these are basic needs for the society.

If your business or project qualify into impact-entrepreneurship or socio-entrepreneurship, believe that what you are offering is a basic need in the society. Because of that, you should work towards creating your own monopoly at your level to minimize the costs for the population, and spread your impact. Governments do this! You should too.

So, Monopolies are not always negative, especially when they do good for the society.

But how to monopolize your business.

Monopolizing your Afro-impact project or business is identifying the specific service or product that will allow you to scale faster, and securing intellectual property rights as you grow. When you decide on revenue objective you desire to achieve, let's say 1M$, monopolizing means identifying the one service or product in one specific industry, that will help you reach that level first, before spreading your offers.

Okay now that you get this, how do you actually go about identifying that one Eureka-product or service?

In order to monopolize your business, you need to understand what makes a monopoly. 3 things define a monopoly:

1. People need your thing.
2. You are the only one providing your thing at the moment.
3. People are happy to give you money for your thing.

So let's break it down bit by bit.

1. People need your thing. You should clarify the specific problem you are trying to solve. Doing this will eventually make it easier for governments, and even the society to want to work with you to provide you more of a monopoly status (IP rights, patents, or even direct big and long-term contracts, etc.).
2. You're the only one providing your thing. This is where things get tricky, especially in the service-providing space. I have yet to see an industry where a company is the only person providing your thing, unless it's government-backed. One prospect told me one day: "You know you're not the only person doing coaching right? So why give me a pricing like this?". I felt crushed that day, because it made me realize that I had not yet seized my monopoly-market. Stating that you're the only one providing your thing, means that you need to elevate your offering with very specific strong traits that people won't be able to get easily from anyone else. Why? Because, it gives you "honey-status". Investors at all stages love companies with low barriers-to-entry and you need to create ones for your business. If you don't know how to do that, schedule a discovery session with me to see what we can do to help. Do it here .
3. People are happy to give you money for your thing. When you are in a monopoly, it is said that you control your pricing structure. But your monopoly won't survive long enough if people feel like they are not getting the full value of the prices they are paying. Meaning, you are no longer serving in your Afro-impact project with the values you intended at the beginning. This is where your competition starts to become a feroce competition rather than industry-collaborator. Think about Uber and the past poor-service in the taxi industry? Uh, uh. Your service offering have to reflect your excellence and dedication to serve, especially if you state everyday how you want to change socio-narratives. Auntie O said it well "Be excellent. People notice." This will provide you monopoly status for a long period.

If you have an Afro-impact project or business that you struggle to make it takeoff financially, join our newsletter to be invited at a free training, where I'll show exactly where you are lagging now. Join us here .