Okay, you've made the decision to start your very own business. You put aside some financial resources. You know that you're better than everyone else at what you do. But, are you? You know you're competition, but do you?
Put your ego aside and find out more about your competition than they know about themselves. If your selling pizza, then go to your competitors locations, look at the facility, service, menu, prices and most of all, taste the pizza.
Do Your Research
You're probably not selling pizza, but the internet gives you valuable research facilities on any business you can image. Google the keywords associated with your business and spend a lot of time doing your research. You may even learn how you can make your business even better. Keep a log of the competitors and the key information related to your product or service.
Many times, competition can compliment what you do. In a restaurant or small retail business having other businesses nearby can help drive traffic to your door. Sometimes you shouldn't be the only choice on the block.
If your business needs to promote itself on the internet, then find out what companies are at the top in your online searches. Decide how your web site, social media and overall marketing plan will set your company apart from your competition.
If you checked out your competition and tasted the pizza and still feel that you have a viable business that won't lose to the competition, then go for it. But, remember to continue to look at your competitor on a regular basis, so your company will be the go to for your product or service. Good luck!