A monopoly refers to when a company and its products or services dominate a sector or industry. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute and competition. But creating a monopoly is way too difficult and takes a lot of efforts. Few ways to do so are -
Create a strong Network -
We know the relations & network play important role in business. The stronger the network you create, easier it becomes to create monopoly. One must have good relationship with suppliers, clients, distributer in order to create a strong network. A strong network can always help you create more challenges for the other competitors in market.
Maintain Brand Quality -
Maintaining a top notch quality of the products/services for long certainly makes your company stands out in the market. Delivering great service is always helpsful to create monopoly in a particular industry or market. When customers like your product, there is very slim chance that they would go for another brand.
Approach Eminent Investors -
Getting investment from eminent investors can help your company earn not only capital but fame & popularity also as getting investment from such investors in not an easy job. Moreover, fame & respect of such investors in market can also benefit your business.
File Patents -
There is always room for improvement. One must try to focus on creating new technologies or products rather than always going for coventional methods. If your company develops a new product or technology, it must be protected by getting exclusive legal rights from the government by filing Patents. This does keep limited monopoly power in the market.