SMALL BUSINESS EVALUATE YOUR BUSINESS IDEA BC WHO ARE YOUR COMPETITORS? Once you determine who and where your customers are, you must determine whom you have to share them with. Find out if similar products are carried in retail outlets. Once identified, search for information on competitors in industry directories, either in print or online databases. 5 WHAT PRICE DO THEY CHARGE? Establish what your competitors charge and list the selling points of their product or service. Try to find your industry's wholesale and retail prices. 6 WHAT PRICE CAN YOU CHARGE? Determining how competitive you can be is a big step toward establishing how feasible your idea is. If your product is superior to your competition and your market is not very price sensitive, then you may be able to charge considerably more than your competition. If you are selling to retailers or wholesalers, you will have to leave enough room for others to mark your products up. 7 DEFINE YOUR UNIQUE SELLING POINTS (USP) What is unique about your offer that would benefit your customer? There may be something about your product, your price, the friendliness and speed of your service, your hours of operation, your level of quality, the skills of your employees, or other aspects of your business. SMALL BUSINESS EVALUATE YOUR BUSINESS IDEA BC WHO ARE YOUR COMPETITORS? Once you determine who and where your customers are, you must determine whom you have to share them with. Find out if similar products are carried in retail outlets. Once identified, search for information on competitors in industry directories, either in print or online databases. 5 WHAT PRICE DO THEY CHARGE? Establish what your competitors charge and list the selling points of their product or service. Try to find your industry's wholesale and retail prices. 6 WHAT PRICE CAN YOU CHARGE? Determining how competitive you can be is a big step toward establishing how feasible your idea is. If your product is superior to your competition and your market is not very price sensitive, then you may be able to charge considerably more than your competition. If you are selling to retailers or wholesalers, you will have to leave enough room for others to mark your products up. 7 DEFINE YOUR UNIQUE SELLING POINTS (USP) What is unique about your offer that would benefit your customer? There may be something about your product, your price, the friendliness and speed of your service, your hours of operation, your level of quality, the skills of your employees, or other aspects of your business