photo credit: shaymus022
If you are in the process of opening a new business or even just in the early stage of thinking about your own start-up, then I’m sure by now you have at least realized all the many aspects that you have to consider, one being your competitors and potential competitors. I have put together some helpful suggestions below on how you can easily size up your competitors for your new start-up.
- Take a look around you and take notice of the recent trends going around, this tells you what is already out there and being sold to the customers you plan to sell to. Also obviously gives you some idea of what your competitors hold in their stores.
- Always remember to take a close look at not just the monthly growth but the annual growth as well. Yes the monthly can be a pretty picture to look at, but there may be a few months in a row down the line that are bringing in almost nothing which paints a totally different picture when looking at the annual growth, recently stated on Crowdspring.com.
- Cross reference your sources in every piece of information you gather on your competitors and the community. Think of it as getting a second and third opinion from doctors on your health, go with the one that is stated more than once.
- Challenge Your Assumptions. It would be easy to stop here. But if you’re looking for a meaningful comparison, you must challenge your assumptions.