Research Your Competition

In Middle America, nowadays everyone gets a trophy just for participating. The competitive edge is being tossed out in favor of fairness. As adults, we know that competition keeps us keen. Business plans include a section on rating your competitors for good reason. First, investors want to know that there is actual a market for your product/service. Many people have great ideas for a product or service. There are normal to outlandish products out there which may or may not have a niche market. A normal product would be gift wrapping paper while a not so normal one may be handpainted gift wrapping paper. You can sell to either the general market or to your niche, but the underlying consideration is that your product can sell.

The next concern is how you measure up. Are you a big fish in a small pond or are you small fish in a big pond? You need to stand out whether you have a bigger or smaller market. Your investors will want to know if you are taking your business seriously. This means you have done your research and understand what you are trying to achieve. Many times entrepreneurs may think if they want to buy something then there must be a market for it. However, that is not always the case. You must understand what your competition does to be successful and to make it yours.

Of course, do not try to be the competition. Focus on the aspects that make your product/service unique and go from there.

Add a comment