Having competitors is a good signal as it means there is a market.
However, I would not go against a super huge player as they have a development team that'll likely "patch" the product and corrects the weaknesses.
Out of curiosity, what's your idea ?
There are lots of reasonably priced frontend/backend themes out there that you can build on top of for your initial version.
Find a theme built on bootstrap or tailwind css both reliable frameworks.
Then you can focus on the app and ux to make a better solution.
You'll want to spend some time validating your idea, try to talk to existing users of the app.
Good luck.
If your solution is same as there's then price it down by Y dollar than your competition.
If competitor takes N seconds to provide solution, see if you can provide in less than N seconds.
If onboarding to competitor product is difficult, you can make your product onboarding simplistic and write better documentation then there's.