© 2005 Dream Merchant

Dream Merchant • 2309 Torrance Blvd. #104, Torrance, CA 90501 (310) 328-1925 email: Jkm316@aol.com

Kids Kreative Korner

 

KNOW YOUR COMPETITION

Believe It or Not, Your Competitors Can Actually Help Your Business.

By Bonnie Drew

Instead of being mad or worried about your competition, you should call all your competitors and tell them thanks. Here's why. Competitors make us work harder and get better at our jobs. They force us to dig a little deeper, reach a little higher, be more creative, and become more skilled at serving our customers.

Competitors are an excellent source of research material. By watching your competitors, you can learn more about your market, get ideas for promotions, set prices, and avoid making costly mistakes.

If you can learn all this from competitors, isn't it time you really studied your competition closely? Here's how to find your competitors:

* Look in the yellow pages of the phone book.

* Read ads in local newspapers.

* Watch for signs as you drive through your neighborhood.

* Call the Chamber of Commerce and ask who provides the same product or service as you.

If possible, visit your competitor's business, and pick up copies of flyers, business cards, and sales materials. Cut their ads out of the paper and study them. Buy samples of their products and see how they compare to yours.

Take notes about what you've learned and attach your competitor's sales materials for future reference. You may include all of this information in your business plan.

Bonnie Drew is the author of FAST CASH FOR KIDS (2nd edition), published by Career Press (1-800-227-3371). She is also the creator of the KIDS BUSINESS software for young entrepreneurs, available from Homeland Publications (713-332-9764).

Drew is also Editor of YoungBiz online magazine, published by Kid's Way, Inc., a company that helps youth prepare for business and the workplace of the 21st century. For more information, write to Kid's Way at 5589 Peachtree Rd, Chamblee, GA 30341 or call toll free 1-888-KidsWay (1-888-543-7929). YoungBiz magazine can be found at http://www.youngbiz.com

Previous	Index		Idea Help	Next