Analyze the market and accurate all information about your competition. The clearer you are at outset about the competition you'll face, the better your business will be and the greater your chances of success will be. Doing your own research is good way to start.

Try to answer these questions:

1. How big, how old, how strong they are?
2. What percentage of the market do they have?
3. What makes their product or service different from others?
4. Do they concentrate on quality or volume?
5. Are their prices perceived as low, medium or high?
6. Do they offer discounts? What kinds? How often?
7. Is their product or service known by name?
8. What kind of promotion do they use? Free samples? Giveaways?
9. How do they distribute their service or product?
10. Where are they located and is location important to their success?
11. Are they targeting specific customers?
12. What's good or bad about their product or service?

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