Competitive Analysis: Identifying the Competition
Before launching a new business, it is important to scour the market for competitors. Your competitors can include direct (same products or services) competition and indirect (same market segment) competition. Identify these competing businesses and gather key information on their: strengths, weaknesses, differences, missteps, successes, etc. By analyzing this information, you should see opportunities that you can take advantage of, market gaps that you can fill, and ways to differentiate your business.