Venture X: Who is the Competition?
Always Know Your Competition
Knowing the competition is vital to the success of any business. Who else is vying for the same customers that you are? How are they going about it? What can you do differently? How do you set yourself apart? Being aware of what competing businesses are doing, and what share of the market they have, will help you immensely as you strategize for your own business. You would not want to spend valuable time, effort and money to create a marketing plan, for example, that is going to be overshadowed by something “the other guy” is doing. Know your customer and know your competition.
Be Aware of Your Surroundings
A key piece to understanding your competition is knowing your area. Research the demographics of your city and surrounding areas. This will help you to identify who your target market is – which people or other businesses will be interested in what you have to offer?
Learning the area before you invest in your franchise will help you to identify the best place to “set up shop”. Your location is as important as the services you offer after your doors open.