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nikola nikola is offline
Newbie
Join Date: Jun 2002
Posts: 1
Competition

Where can I find out details about my competitors - who they are/how successful etc?
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Nik
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happydays happydays is offline
Newbie
Join Date: Jun 2002
Posts: 4
Competition

Nikola,

Field research is the best form of competitor analysis, go out look at your clients and if you can pose as a potential customer and see how they perform!!!!!

Also contact your regional developement agency, they should have some useful facts and figures that you could use.

Good luck
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Warlow Warlow is offline
Starting Out
Join Date: May 2002
Posts: 18
Nikola,

A few thoughts:

- to find out who your competitors are search thru Yellow Pages; search on the Internet using appropriate key words; look in local papers and see who is advertising; ask family, friends and business colleagues who they would go to; walk or drive around your area and keep your eyes open!
- to find out how successful they are is far more difficult. If they are a Limited Company and assuming you can find out their name you can get a copy of their Audited Accounts from Companies House in Cardiff (www.companieshouse.gov.uk - go into products and services). You will have to pay a fee.
If the business is trading as a sole trader or partnership then they have no obligation to make their accounts public, so you ahve no legal ways of finding out!
If the business is a retail outlet one option is to stand across the street and count the nubmer of people going in! Make an assumption of what percentage will buy something and then decide what the average spend per person is. You can then work out a rough turnover figure. To make this method of any use you would have to spend a few days at it, but at different times of the week. Even then this is not going to be accurate but at least it will give you an idea of foot-fall.
If the business doesn't have a retail outlet then the only option is to get a feel for the business' reputation by doing a survey to gather people's perceptions.

Rob
www.smallbusinesssuccess.biz
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ruthcoe ruthcoe is offline
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Join Date: Nov 2002
Location: Midlands
Posts: 106
Hi
Ive mentioned the chamber already but one of the services is that they can locate competitors and provide annual accounts and that type of thing, Again not sure if you need to be a member of chamber.

Ruth
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1nzvestor 1nzvestor is offline
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Join Date: Oct 2003
Location: London
Posts: 258
Presumably you are doing this pre-start up. If so, well done.
Many people leave this far too late and do this *after* they have started their business.

Visit them, phone them, read reports written about them
Subscribe to any trade journals that feature possible competitors and get a general feel for the market.

Identify a niche within that market and you could do well.
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ruthcoe ruthcoe is offline
Guru
Join Date: Nov 2002
Location: Midlands
Posts: 106
Also forgot to mention!

I received all brochures and catalogues etc that I could. There are some things you cant compete on, like glossy mail order catalogues etc, professional photos, but this also made me think of a way that I can be different, one was in price and the other was many of their products were standard, One of the main objective of mine is being able to be flexible and be seen as going that bit extra for a customer. So although doing research on competitors can be a bit depressing, when you think you cant match them, but there are always ways to be different from them - or even work with them!
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natasha natasha is offline
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Join Date: Jun 2004
Location: Walthamstow, London
Posts: 1,665
Hi Nickola,

What type of industry are you planning to set up in?
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"Make no small plans for they have no power to stir the soul." (Niccolo Machiavelli)

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