If you’re looking to start a business or have recently formed your first new company, there are many things you need to consider to maximise your chances of success. Have you considered what your niche is? Or a way to differentiate yourself from the competition with a unique selling point? These are all really important questions to ask yourself. Undertaking detailed market research on both potential customers and competitors can significantly reduce the chance of failure in the early stages of business and provide start-ups with a much appreciated initial boost. With that in mind, here’s some short tips on ways to develop your competitor strategy and get your business above the rest! Know your competitors Whatever your business, there is always competition. Before you start up, make sure you have studied all the potential competitors. This means indirect as well as direct competition. Indirect competition can be less obvious. For example, a company may advertise products or services that are not that same as yours but could satisfy the same customer need. Using Your Research By identifying both direct and indirect competitors to your new business, you’ll gain a more complete picture of your market. You may find useful ideas to adapt and use in your own business and practices to avoid! The main benefit of competitor research is that knowing their offerings allows you to identify a new angle; a strategy that will encourage customers to use your business over your competitors’. Research Based Strategy A vision based on real research has more chance of becoming realised and will also help when you come to present your business plan to would-be financiers. The more research, the more data you have, the better. Established companies will identify new businesses in their market research and make plans accordingly meaning it is crucial you have a plan of your own. Contact Finnies Finnies have a great deal of experience in helping start-ups across the UK. If you would like to talk to the professionals or create a detailed research based plan, contact us by calling 01482 861919 or fill in our contact form.