How to Use Local Competitors to Your Advantage

Choosing to start a business in what seems like a crowded market can be daunting. How could your little startup possibly stand out against the businesses who've been around for several years?

Conducting local market research

Before you invest a bunch of hard-earned cash into your dream business, you should have a firm idea of what your market looks like and where you're going to be positioned.

Figuring out their core competency is key here. Now you'll start to answer the following questions (among others):

• What is their main offering?
• What do they charge for their main offering?
• How quickly can they offer service?
• What are their upsells to drive additional revenue? 
• What equipment is needed for their main offering vs. their upsells?
• Are you capable of delivering a similar quality service/product?
• What upsells can you emulate? 
• What can you offer that they can't?

Identify competitors' advertising

Now you know your competitors pretty well. The next step is to determine where they're advertising, and to whom. That will help you figure out who your customer base may be and where you can stand out in the short term.

People who should listen to this show are entrepreneurs