I learned this activity in a business course and it totally hit home! We as service providers and humans, in general, can really fear competition but if you REALLY take a look at it you're not even offering the same things.
*Grab a piece of paper and make a chart like the one in the picture below
*On the bottom write out some values or selling features your business has
*Chart them against your competition
Here's an example of one I used
The value was Large salon space. Now my "competition" around me ranked high on this value as there are many large studios around me and I ranked low because I don't have staff it's just me.
However, that's exactly where I want to be and is actually one of my unique features my clients like.
So it makes no sense to be comparing myself when we're not the same business. There are plus and minus to both models.
As you fill in more values your chart will look like the picture where most values don't line up so they aren't even competition because you are selling different services, experiences, and brands.
Give it a try. Did you learn anything new about your business?