Objective: To build a profile of a competing business to provide a better understanding of the market.
Business Profile of a Competitor
Step 1:
LEARN FROM YOUR COMPETITOR
What is the type of business (and sector of the economy):
Who is the business owner and/or what contact information is provided?
Business History: When did the business open? What’s the story behind the start-up of the business?
Type of Ownership: What type of business ownership does the business operate under? Sole Proprietorship / Franchise / Partnership / Corporation
Location: Where is the business physically located? Is the business strictly brick and mortar or does it have an online presence / e-commerce side?
Online URL: Number of staff:
How YOUR business is different from the competition (what is your unique selling proposition?): Think about the ONE THING that makes your business better than the competition. The best USPs directly address a specific need experienced by the consumer.
Summary of the business’s offering of products and/or services: Write in one or two lines what are the various offerings the competition offers. For example, for a products such as computers or cars the business also offers services of maintenance and repair.
Step 2:
RESEARCH THE POTENTIAL OF YOUR BUSINESS
Looking at a 10 year plan – What do experts suggest the next 10 years of growth and development looks like in your industry?
Demographics – This information can be found in your customer avatar. Who are your potential customers (the demographic your business appeals to):
Who are your other competitors (other than the one researched thoroughly here)?
How are you going to make money? List the various ways possible. What are your projected sales on goods and services?
What are some of the costs of running your business? Think about staffing, inventory, online presence, marketing, lease of space, technology, etc.
