Who Is The
Competition?
Your business planning must also include an up-to-date analysis of your
competition. Why? Because you need to plan your position, how you will fit
into the marketplace.
In planning your business, look for unique niche that will give you
freedom from strong competition or that will make your product or service
more valuable than others in the market. If you plan to open a day-care
center and find that none in your area is open before school, early
opening might make your service more competitive. If you discover that
local caterers have overlooked the office party market, you might
highlight that in your brochure. The more you can learn about your
competition, the better you'll be able to decide how to position yourself
in the market.
Newspaper ads and trade magazines are other good sources of market
information. Check also with the Chamber of Commerce, your county office
of economic development, the Census Bureau, and business and professional
organizations to gather market and pricing data.
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