7 Resources that “Spills the beans” on your Competitor
As soon as the light bulb comes on about your new business idea, EXCITEMENT sets in!
The adrenaline starts pumping. You can’t wait to start!
Jumping in feet first, you proceed with choosing a location, setting up an office, deciding on a name, and buying a website.
After all, you have to get ahead of your competition and start making money as an entrepreneur!
Then reality sets in. You begin to question ….
- Who is my competition anyway?
- Is there a need for my product?
- Is this market saturated?
- What competitor(s) are servicing my customer?
- What value do I bring to my customer?
- How do I reach my customer?
- Are my prices in line with my competitor?
It’s not that your business idea was not a good one. Or that your time and effort was wasted.
You started the business BEFORE learning about the market and your competition!
So what do you do next?
Let’s get involved in market research including educating and analyzing your competitor.
And finding what will give you the edge over your competition.
This is the RIGHT FIRST step to Business Startup!
Check out the free resources & suggestion below that provide invaluable information about your competitors,
including their slice of the industry market, comparative analysis, geographical location, and much more.
US Census Bureau
Small Business Administration
Chambers of Commerce
Did you know that your main library stores a lot of free data on businesses in your city, county, and state?
“The Competitive Advantage” by Michael E. Porter
Porter’s Five Forces Model
- Collect first hand knowledge by being a customer of your competitor.
- Inquire about their pricing, discounts, & package deals,
- Ask if they are hiring and in what areas,
- Find out how many employees they have,
- Ask how long they have been in business,
- Research their website or social media platforms,
- Notice their marketing strategies, and
- Engage in their offerings.
Doing your homework will pay off in the long run!
Keep up the Good Work & have Fun while doing it!
Your Venture Coach & Biggest Fan