Thinking of starting a company, but the “idea” is already out there, advice?

I'm very new to this subreddit, so please excuse any off track discussion from my post.

I have been passionate about natural cosmetics for years, but recently began thinking about starting a business creating a line of body/face/hair care products all made from food grade ingredients, all which showcase a powerhouse ingredient (not really going to say what it is because I don't think it's very important). However, I have discovered, and recently come across a company that also does this, with the same ingredient.

While this company was not the initial founder of this idea (there are TONS of small businesses on site like Etsy who use similar recipes/approaches), this was the first company to provide a product line to the masses in this way.

I'm sure there are many online articles out there that discuss starting a business when someone else has already developed the same product, but I'm wondering if anyone has any experience in this. I would assume marketing plays a big role in this, but I'd love to hear how others have differentiated themselves in similar situations.

I believe that I have a passion, and the unique mind to not create an identical product, but a better one. I think of when I go down the pasta sauce aisle; most generally have the same ingredients, but what sets them apart? What makes one chose a specific brand? I have all the excitement in the world about this adventure, but the beginning stages have me a bit nervous about the competition; any help is greatly appreciated!


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