Who are your competitors

When you start your business, you will always have competitors. Maybe you can not see them, but they will be there.

You are practically never alone in the market you want to operate in. There will always be one or more companies providing a similar service or product meeting the same demand as yours.

Know your competitors

Know your competitors – even better than they do themselves.
First, identify them, then, seek as much information on them as possible.

How many are they?
How widespread are they - geographically?
What are the other companiesâ€™ staffing level?
What services do they offer?
What is their price level?
How is their quality?
What are their weaknesses, if any?
What is their image among their customers?

If there are too many competitors for you to know them individually you must determine the total number of competitors and try to pinpoint the ones presenting the biggest threat to your own existence.

Â Find information

You can get such information in many ways. E.g.:

You can call a rival and request brochures
Find them on the internet
Visit the shop
Seek information on the library
Buy their product
Interview persons who have bought rival products
....

Cooperation

Often, it can be worthwhile considering your competitors as your colleagues or collaborators. If the market for your service is sufficiently wide or has the potential of expansion all parties would benefit from cooperation.

If you get an order too big for you to handle on your own two competitors/colleagues may come in handy help fulfilling the requirement.