Why New Businesses Fail, or The 2 Questions You Better Ask Yourself Before Starting: Part 2 “Choose Me!!!”
The second question soon to be entrepreneur’s need to ask is, “Why are customers going to choose my company over the competition?” Question one established there must be a need for what you are offering–and we did this through testing and research–but now we need to go further. Just because there is a need for a bike store or commercial spring water delivery business does not mean that your company will be the company customers choose. Why my company? can be answered with an in-depth study of your competition before opening your businesses. I recommend experiencing their company first hand. Have them give you an estimate, perform a small level service, or buy their product. Study everything they communicate to the marketplace (their advertising) so you can prepare a response that meets the needs not addressed in their message. Again, just because you found a need in the marketplace does not mean your going to be the one to fill it. Follow my advice, and lets hope you do.