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Eyeing
Your Competition
Unless your business idea
is so totally unique that there is no one else in the world doing
precisely what you do, your business will have competitors. But how
can you gauge how much of a threat your competition is? And how can
you find out if there is room for another business in the same field?
- How long have they been
in business?
- Have they expanded since
they opened?
- What percentage of the
market do they have?
- Is their market growing
or shrinking? If so, why?
- How physically close
is their business to yours?
- What do customers like
about them?
- What do the customers
dislike about them?
- Why would customers
choose your business over theirs?
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