Know Your Competition

Who is your competition? This is one question you must ask yourself and then you must know (or find out) the answer. Know who your competitiors are in terms of location and their products. The more you know about your competition, the better you will be able to position your own business in the market.

Here are a few key questions you should know the answers to:

Who is your competition?
Who are your nearest competitors?
How are their businesses similar to yours?
Do they have good customer service?
Are there any complaints filed against them with the Better Business Bureau?
Are tehir prices reasonable?
Is their business growing, stable or declining? Why?
What are your competitive advantages?
What benefits does your product or service have that your competitors don't?

You probably won't want to ask the business these questions directly, but make the necessary contacts to research this information. Your local better business bureau and trade associations can provide you with a wealth of information on your competitors.

Watch your competitors ads and specials. This will help you gather pricing information. Once you have the answers to these questions, you can use it in your business plan and to improve your own business as well.

Competition is not necessarily a bad thing! By analyzing your competitors, their pricing, their advertising methods and their services and products, you will be able to gain a true advantage which will enable you to avoid the same errors and improve upon them in your own business.

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