Competition

Who will your company compete with? If you offer multiple revenue lines, you may compete with multiple business’s who have been in the area much longer than you. How do they do things? Does your competition sell on quality or price? Is there a market for what you are offering? Is there enough business to go around? Is the neighborhood satisfactory for your current business and can you be confident it will be a better place to do business in 10 years? All of these questions and many more need to be considered before you decide where to locate your business..

At the end of the day, you don’t necessarily have to be the only game in town to be successful. However, you do need to understand your niche within the landscape that you are planning to do business. Thekey to success is to find a problem and solve it with your unique offering or solution. What problem are you solving? What separates you from your completion? Once you have established your turf, how do you plan on defending it against the next entrepreneur that thinks they can do it better than you?

You may not know all of the answers when you get started but you better begin to consider that there are many more factors at work around you that will influence your ability to build and maintain clients than just your hard work and smiling face.