Do you know who your competitors are?

When in business, it is vital that you know who your competitors are and also what they are doing. You can do this by carrying out some competitor research and this is often done when you create a business plan. If you need to apply for a loan from the bank or want investors to join you then they will want to see that you have done your research thoroughly.

You need to know what or who you are competing against, if they offer exactly the same products and services as you and also what prices they charge. Once you have all of this information you can start to analyse whether you are competitive and if you are at the right level to compete and hopefully get some of the market share.

If you are up against companies that you feel you simply cannot compete with such as Amazon etc, then try and give people a reason to choose you over them for example it may be that you can sell the point that you are local and therefore there is no hassle or that your customer service is second to none.

Without carrying out the correct research you won’t know if you have a chance of being successful before you start.