Have you considered the competition before starting a new business venture?

Have you considered the competition before starting a new business venture?

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The biblical principal of “counting the cost” applies to business situations as well as spiritual decisions. When launching a new venture or expanding a current business, its wise to first evaluate existing competitors, as well as those who might join the battle later.

Here are some key questions to answer: Do I have enough capital to launch and sustain my business? Do I understand my products niche in the market? Can I weather the competition? Can I deliver the necessary quality and level of service? Can I carry the selection my customers will demand?

Each circumstance will be different, but every new venture requires a careful analysis of your own capabilities and the realities of the marketplace. Don’t be caught short. Counting the cost before you begin can help to avoid an expensive mistake.

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