Learn from the Competition
You have an idea but how do you make it into a business? Do what others are doing, but do it better, cheaper, or with a bigger smile. Look for whatever it is going to take to distinguish you from the competition.
There isn't any better way to learn what others are doing than going right to the source. Your competitors will provide you with almost every juicy bit of information you need to set up your own business and with very little effort on your part. Underestimating the competition can be fatal to your business, so make it a priority to learn everything that you can about their businesses.
Some of the things that you will want to learn about your competition are: their sales pitch, their knowledge, their advantage in the market, and their customer relations. Each one of these areas will give you insight on how to develop your own business.
Talk to people in the industry. Most people like to talk about their businesses because they are so close to them. It's like talking about a child. Always make it convenient for the owner to talk with you, after all, you are the one who wants something. If your meeting is conducted during a meal, pick up the tab. It will be a very inexpensive education.
It may be better to talk with someone who is outside of your local area. You don't want anyone threatened by the thought of another competitor in town. If your business will be limited to a specific area, then going just outside that area should be sufficient. The internet offers an even greater opportunity to network with others outside your area. Perhaps you can conduct an email interview with someone across the country.
Another way to learn is to become a customer of your competition and buy what they have to offer. You will receive all of their promotional literature, such as sales letters and brochures, you will know what they charge, what services they offer, and most importantly, how they treat customers. Also, if it is a product, you will have one in your hand to compare with your own product.
If it is a service, you will be able to witness the results. Was the service done the way you would have expected? Make sure to take notes on the entire process to use later, when you want to design your own business.
Be completely honest when you are doing your market research with competitors. You don't want a negative reputation before you get started and, even if they are in another area, news will travel fast. It may come back to haunt you.
Copyright © 1998-2001 Antaean Systems
All rights reserved.