Competition

  • Most startups don’t have competition when starting, but upon success they will have them.
  • You may have big competitor which you are targeting a small part of their market.
  • All business ideas can be copied. But a unique advantage can slow it down.
  • Use your competitors:
    • Determine what advantages you have over them:
      • smaller team, faster decision making and changes
      • Local market and rules
      • Low hanging fruits: product features & availability, branding, untapped markets, etc.
    • Study their business, learn from them and improve yourself.
      • Business model
      • Marketing strategy: find gaps and exploit them, don’t compete when it’s not worth the cost.
        • Traffic sources
        • SEO strategy, keywords and top ranked pages
        • Advertisements
      • Sentiment from social media