competitor is friend, just be friendly with them and you will happy with your
business.

Check out several factors. Examples are below:

• Competitive pricing by each product line
• Checking their websites on quantity discounts
• Marketing strategy (what is their USP) unique selling preposition

It is a good idea to research as many competitors as possible and learn as
much as you can about their operations. We have always found it valuable to
emulate the things that make successful competitors successful. And of course
to avoid their bad habits. We evaluate their websites, their on-line reviews
and have even asked friends to hire them and share their experiences. Most
people don't pay attention to how other businesses are run when they first
start out. Take the time to do as much homework as possible. I have also
found that many successful business owners are often happy to help a start-up
out. You are no competition to them and someone probably helped them when
they first started. I have called our larger competitors and they gladly
shared information with me. We have also helped some new guys get started as
well. It pays to play well with others, you never know when you may be able
to help each other out. Good luck in your new venture.

Thank you all for the replies. And thank you jtowbin for the links,
definitely got some valuable information. Another way of knowing about the
competitors is by knowing their backlinks and where they get their links.
This is the easiest way I have found till now apart from the info that I got
from here. Thanks again.

The competitor analysis helps in planning marketing strategy and gives a
clear indication of success or failure in market in the future. we can plan
our marketing strategy by focusing on what strategies are our competitors
pursuing and how successful are these?

There are numerous ways to do a competitor analysis. One way to begin is by
checking their websites. You can also Google a competitor's name to find
additional articles about them.

You ask about how the success or failure of a competitor may affect your
business choices. You would need to know why the business failed. It may be
due to external market issues (which could be a red flag for you) and it may
be due to lack of funding or lack of knowledge on the part of the business
owner or another issue. The failure of a potential competitor in and of
itself is not a problem. The reason for the failure is.

  Hi, In case you haven't already, check out some of our resources for starting a business. You'll find a guide to help you determine if you're ready, details about writing a business plan, marketing, and preparing business finances. Another great resource is SCORE, one of SBA's resource partners. SCORE is a nonprofit association comprised of thousands of volunteer business counselors throughout the country. They are trained to serve as advisors and mentors to aspiring entrepreneurs and business owners (at no cost to you). You can find your local office or set up an online meeting to chat with someone about your questions. Good Luck