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How to copy an existing business and make yours better
What is the product you're trying to sell? Whom are you competing with? Are they more or less successful than you? Why is that? Ask these questions constantly while looking at market analysis and figured from your own business. The competitor's so-called blunders, or weaknesses, could very well be misguided ideas that could be potential money makers. Pin point the tactics the business is using to pull in their customer's. Why are customers going to them and not your business? Even if you are the more successful business, it is extremely important to realize being in that position is not a gift, rather a position that is hard to keep. Know why people are choosing someone else's business. Take these things and incorporate them into your own business as much as is appropriate. If these things make a noticeable difference in the success of the business, it will be obvious whether or not to keep these ideas.
Here is another idea to think about when looking at other businesses for strengths to copy. How many businesses are there like your own? What do they all have to offer? What do you have to offer? What is the most popular product out of all of the businesses? Who offers the best quality for the best price? Now look at your own business and find a way to make it more competitive to the other businesses. What products can your business do without? Not wasting cash flow with products that don't sell well will help save money also. Copying the best only makes better. That principle applies to all sorts of activities, including small business. Improving a small business will greatly affect the outcome of the future. |
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