{"id":23159,"date":"2017-02-21T12:28:15","date_gmt":"2017-02-21T18:28:15","guid":{"rendered":"https:\/\/blog.crowdspring.com\/?p=23159"},"modified":"2023-06-08T16:32:26","modified_gmt":"2023-06-08T21:32:26","slug":"10-proven-tips-for-evaluating-your-competitors-when-starting-a-business","status":"publish","type":"post","link":"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/","title":{"rendered":"10 Proven Tips for Evaluating Your Competitors When Starting a Business"},"content":{"rendered":"\n<div class='header-cta' style='display:none'>\n  <span>Want a free how to start a business checklist?<br \/>\n<\/span>\n  <a href='https:\/\/www.crowdspring.com\/how-to-start-a-business-checklist\/' class='btn btn-primary' target='_blank'>Get it now!<\/a>\n<\/div>\n\n<p>If you\u2019re <a href=\"https:\/\/www.crowdspring.com\/how-to-write-a-business-plan\/\" target=\"_blank\" rel=\"noopener\">writing your business plan<\/a> to <a href=\"https:\/\/www.crowdspring.com\/blog\/starting-a-business\/\" target=\"_blank\" rel=\"noopener\">start a business<\/a> or have an established company, there will come a time when you\u2019ll need to evaluate your competitors.<\/p>\n<p>There are three components to a good competitive analysis:<\/p>\n<ol>\n<li>defining the metrics and identifying the competitors you\u2019re comparing,<\/li>\n<li>gathering the data, and<\/li>\n<li>the analysis.<\/li>\n<\/ol>\n<p>Where do you begin?<\/p>\n<p>What are the relevant factors that you should be comparing?<\/p>\n<p>What conclusions can\/should you draw from the data?<\/p>\n<h2>Here are 10 tips for evaluating your competitors.<\/h2>\n<p><strong>1. Define WHAT metrics are important.<\/strong><\/p>\n<p>If you pick the wrong metrics, you can still make a competitive analysis \u2013 but it will not be significant.<\/p>\n<p><strong>2. Look at recent trends.<\/strong><\/p>\n<p>Recent trends are important because they paint a picture of what\u2019s happening now.<\/p>\n<p><strong>3. Evaluate historical trends.<\/strong><\/p>\n<p>Historical trends are important because they help you understand the speed of growth and see if the same events impact both entities equally.<\/p>\n<p><strong>4. Don\u2019t Forget Monthly and Annual Growth.<\/strong><\/p>\n<p><div class=' hide-for-medium hide-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 35px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 18px;margin: 20px 0 30px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 15px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i>Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 15px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:11px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 20px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><div class='show-for-medium hide-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 45px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 24px;margin: 20px 0 40px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 18px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 18px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:19.2px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 27px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><div class='show-for-large'><div style='padding: 10px 32px;text-align: center;background-position: center;background-color: #DA6D5A;background-repeat: no-repeat;background-size: contain;'><h2 style='font-size: 50px;line-height: 1.2; margin-top: 12px;color: white;'>Free Business Startup Kit<\/h2><p style='font-size: 24px;margin: 20px 0 40px;line-height: 1.5;color: white;'>Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.<\/p><img style='margin-bottom: 32px;' src='https:\/\/crowdspring3-assets.s3.amazonaws.com\/marketing\/inline-business-kit.png' \/><div style='display: flex; justify-content: center;'><ul style='list-style: none;text-align: left;font-size: 16px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> How to Start a Business Checklist<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Corporation Guide<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Is an LLC Right for You?<\/li><\/ul><ul style='list-style: none;text-align: left;font-size: 16px;color: white;flex: 1;'><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting a Sole Proprietorship<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i> Starting Business Partnerships<\/li><li style='margin-bottom: 16px;'><i class='fa fa-check-circle'><\/i>  Creating a Powerful Pitch Deck<\/li><\/ul><\/div><div style='margin-top: 14px;margin-bottom: 24px;text-align: center;'><a href='\/business-startup-kit\/' target='_blank' style='background: #23b3f1; color: white; padding: 16px 32px; border-radius: 2px; font-weight: 700;font-size:19.2px;'>Get your free startup kit<i class='fa fa-angle-right' style='font-size: 27px; vertical-align: middle; background: white; border-radius: 50%; padding: 4px 12px 4px 14px; color: black; margin: 0 -18px 0 16px;'><\/i><\/a><\/div><\/div><\/div><\/p>\n<p>Rapid monthly growth is meaningful but can be deceptive if the annual rates paint a different picture.<\/p>\n<p>Watch the video below for more detail on these four tips, plus six more.<\/p>\n<p><iframe src=\"https:\/\/www.youtube.com\/embed\/RNkL_ebKgco\" width=\"700\" height=\"394\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p><a href=\"https:\/\/www.crowdspring.com\/how-it-works\/?utm_source=csblog&utm_medium=smb&utm_campaign=cta\" target=\"_blank\"><img decoding=\"async\" class=\"alignnone size-full wp-image-35262\" src=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2022\/05\/06164945\/small-business-blog-master-cta.png\" alt=\"\" width=\"700\" height=\"466\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Few successful businesses operate in their markets without competition. Here are 10 tips for evaluating your competitors.<\/p>\n","protected":false},"author":2,"featured_media":23160,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1666],"tags":[3160,2349,3176,3159,678],"class_list":["post-23159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-small-business","tag-growing-a-business","tag-marketing-strategy","tag-metrics-measurement","tag-starting-a-business","tag-startups"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>10 Proven Tips for Evaluating Your Competitors When Starting a Business - crowdspring Blog<\/title>\n<meta name=\"description\" content=\"Few successful businesses operate in their markets without competition. 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Here are 10 tips for evaluating your competitors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/\" \/>\n<meta property=\"og:site_name\" content=\"crowdspring Blog\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-21T18:28:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-08T21:32:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2017\/02\/27132120\/evaluating_thumbnail.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ross Kimbarovsky\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ross Kimbarovsky\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/\"},\"author\":{\"name\":\"Ross Kimbarovsky\",\"@id\":\"https:\/\/www.crowdspring.com\/blog\/#\/schema\/person\/45a66ce5a05496798744cf14367aa575\"},\"headline\":\"10 Proven Tips for Evaluating Your Competitors When Starting a Business\",\"datePublished\":\"2017-02-21T18:28:15+00:00\",\"dateModified\":\"2023-06-08T21:32:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/\"},\"wordCount\":224,\"publisher\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2017\/02\/27132120\/evaluating_thumbnail.jpg\",\"keywords\":[\"Growing a Business\",\"Marketing Strategy\",\"Metrics &amp; Measurement\",\"Starting a Business\",\"Startups\"],\"articleSection\":[\"Small Business\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/\",\"url\":\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/\",\"name\":\"10 Proven Tips for Evaluating Your Competitors When Starting a Business - crowdspring Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.crowdspring.com\/blog\/10-proven-tips-for-evaluating-your-competitors-when-starting-a-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2017\/02\/27132120\/evaluating_thumbnail.jpg\",\"datePublished\":\"2017-02-21T18:28:15+00:00\",\"dateModified\":\"2023-06-08T21:32:26+00:00\",\"description\":\"Few successful businesses operate in their markets without competition. 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