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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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