Who are Your Small Business Competitors?
Small business competitors are like hindrances or roadblocks to ones success and it is utmost necessary to know them. Small business owners often think about their competitors as enemies, but instead they need to be considered as competition if one wants to succeed in a business. Every small business owner wants to earn more profit and more control over business. These goals can only be accomplished by beating the competitors in the market. Before beating the competition in the market, one needs to identify the main peculiarities between direct competitors and indirect competitors.
Direct Competitors – Direct competitors are companies that are offering similar product & services in the similar market in which one is already dealing.
Indirect Competitors – Indirect competitors are companies that are selling similar product & services in different markets.
How to Find Small Business Competitors?
One can utilize various acknowledged sources such as Yellow Pages to find competitors of relevant small business as one is sure to find the names here.
After finding names of all the competitors, one needs to make a competitive analysis with comparison to competitors. Next step is analyzing the SWOT (Strengths, Weaknesses, Opportunities and Threats) of all the competitors in the niche. If one of the competitors is a large company then one can buy stocks as stock holder from that particular competitor to acquire their annually and quarterly reports. One will also be able to know the future plans of their business by buying stocks.
Tips to Beat the Competitors
The below described are some tips that are essential to beat the competitors in targeted market.
Join Professional Associations – It is beneficial to join professional associations in order to beat the competition. One can attend meetings on regular basis to gather crucial information about these current competitors.
Acquire Information About Product Pricing of Competitors – It is necessary to acquire information about the products & services offered by competitors including product pricing and marketing methods.
At the end, it can be said that one requires keeping regular eye on competitors in the market in order to beat competitors and run small business productively.