Focus on making your own business more efficient, concentrate on your existing customer base, increase your ability to service new customers, expand into those new markets, invest some of the new profits back into your company, add equipment, tooling, training and certifications to your company. Take care of your company and business, in time you will see this so called "competition" as just another event that you dealt with in growing your business.
I see competitors a little different, they make me stronger and if they are at my level, we become trade associates with common goals and interest. In reality, in business you need to be competitive, requiring "fair" competition and making us all competitors. Sorry, I think you have to re-think the "basement" competitor, but I would spend the energy on your own business.
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