December 13, 2021
So you decided you want to start a business, and you just got clear on the service or product you're planning on offering.
The next step is crucial and is often missed... That is, market research.
If you're not creating a brand new idea, this step involves looking at competitors in the industry within the geographical area that you intend on launching your business.
This step is extremely important because:
- You test your assumptions
- You become informed of existing processes that work
What are you looking to learn from doing a competitor analysis?
- Online presence:
- Do they have sophisticated websites?
- Do they have a strong social media following?
- Do they have awesome branding?
- Operations:
- Who answers their phones?
- Which services/products do they offer?
- What are they charging?
- How far out are they booking?
- How quickly are they selling out?
- What are their internal processes like?
IF you discover that existing competitors have a poor online presence but are still quite busy... Then this is a good sign for potential opportunity 😏.
Once you feel you have a good understanding of the existing market, you will:
- Be better prepared to create a basic financial model to make sure your idea is profitable
- Be inspired with ideas and frameworks for your new business
Additional Resources:
- Watch how I actually called competitors to learn about their processes Here.
- Learn how I put together a financial model Here.
- Here is a simple Airtable template I've used numerous times for market research before starting businesses:
Feel free to create an Airtable account and copy the base above.
PS. Whenever you're ready... Here are three more ways I can help you become your most productive self:
- Access my Free Notion Task Manager → Get Access
- Get my Notion Personal OS to manage your business & personal life → Learn More
- If you need help mapping, creating & optimizing your systems → Work With Me
More recent posts ⤵️
Delivering high-impact tips every Thursday
Every Thursday, get 1 actionable tip on systems & productivity:
