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Open a business: the study of competition.

Become entrepreneurs: the market and competitors.

August 13, 2010 | Doing business

When you are preparing to open a business, one of the key things to consider, is the definition of the potential market.

That is, the capacity to quantify what will we sell and to whom?

Open a business: define the potential market

Once you have established what do you open, you must quantify and to define the space (the market as possible) for your business.

As we have mentioned several times, sometimes this is an analysis that is being underestimated. Becouse, often , is taken for granted that your business, just will be open , soon surely, they will reach the customers.

Or convince itself with other considerations that have little or no foundation.

Open a shop, what to do?

First, try to:

quantify the number (quantity) of our potential revenues, and making some assumptions based on some data:

analyze the current competition, to understand the potential turnover of a similar activity;

verify if exist a space where we can place your business successfully (this is a factor which must be checked very well);

doing an analysis of future trends. That is, understand whether our industry is growing or is in a phase of saturation, and if you can diversify the proposal in the case your sector is already at saturation or even in a phase of slowing down.

Open a business with success: what can you open, where do you open and how to open?

The enthusiasm is essential, but rationality and a careful analysis will allow us to discover opportunities and niches that maybe we had not taken into account and also avoid making those errors that are caused by some incorrect understatements and wrong self convinctions.

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