Step 2: Competitor Analysis

Finding your Niche amongst the Competition

The next step is to do some research. Take a look at the types of businesses that match any or all of the items on your list. Take a week (7 days – be strict) to research the demand for these products or services.

Find out if the competition is still young or very mature? Is it under or over developed? Are there any changes that could be made to existing businesses that would improve the product or service?

When Researching the Market, you should consider the following:
a) whether there is a current need/opening in the market for your product/service,
b) whether your business has potential for growth, and
c) whether it is ethically beneficial for the world…

Read more in our complete step-by-step guide*, including your 2nd TASK, to help you find your niche amongst the competition…

*NOTE: This Guide is for Australian Citizens / Permanent Residents only. Not in Australia? Starting a business in any other country? Get our International Guidebook now!