Welcome to part 7 of Planning for Success
Once you have established what your market is you will then need to go and have a look at the competition. Every business will have a competitor somewhere. Competitors are nothing to be afraid of, if there are none there is likely no market either, keep that in mind:

Competition

It is important to show the reader that you have investigated the competition. Identify the direct and indirect competitors, with analysis of their pricing and promotional strategies, as well as an assessment of their competitive advantage. Based on this analysis, you can identify key obstacles for your business, the additional services you might offer, competitive challenges, as well as opportunities ahead. Briefly describe the competitive outlook and dynamics of the relevant market in which you will operate. Be sure to answer the following questions that are usually asked by potential investors:

1 Is your service better, faster, cheaper and if so why?
2 Is your advantage a temporary “window” and are there steps you can take to protect your position?
3 What have you learned from the competition? From their advertising?
4 How is their business currently? Steady? Increasing? Decreasing?

So get out there and view the competition and then go one better than they do, go the extra mile and you will soon find your market expanding.
Till next time
Regards
Michael