Before deciding whether to start a new business, you need to have a good idea of who your competitors would be. Are there any incumbents with established brand recognition? If so, how could you compete with them? What suppliers do you know you could count on to stick by your side?
- The starting point for any business venture is getting to know your market. Take the time do your research and be as objective as possible.
- A thorough assessment of your competitive landscape and customer segments will help you come up with a realistic business plan.