| A common problem people encounter when | | | | discount shoe stores and department store |
| writing their business plan is finding | | | | shoe departments. Find a similar business |
| information about their business industry and | | | | in another place. Find a similar business |
| competitive companies. Fortunately, in recent | | | | far enough away that you won't compete. For |
| years the Internet has made information | | | | the shoe store example, you would identify |
| gathering simple and easy, but sometimes the | | | | shoe stores in similar towns in other states. |
| best information is found much closer to | | | | Call the owner, explain your purpose |
| home, with real people, in real time. | | | | truthfully, and ask about the business. |
| | | | Scan local newspapers for people selling a |
| Always take a look at other businesses | | | | similar business. Contact the broker and |
| similar to your own, as a very good first | | | | ask for as much information as possible. If |
| step. If you're looking at starting a new | | | | you are thinking of creating a shoe store and |
| business, you may well be starting one | | | | you find one for sale, you should consider |
| similar to one you already know. If you're | | | | yourself a prospective buyer. Maybe buying |
| doing a plan for an existing business, you | | | | the existing store is the best thing. Even if |
| are even more likely to know the business | | | | you don't buy, the information you gain will |
| well. Even so, you can still learn a lot by | | | | be very valuable. Why is the owner selling? |
| looking at other similar businesses. | | | | Is there something wrong with the business? |
| | | | You can probably get detailed financial |
| Look at existing, similar businesses. If | | | | information. Always shop the competition. |
| you are planning a retail shoe store, for | | | | If you're in the restaurant business, |
| example, spend some time looking at existing | | | | patronize your competition once a month, |
| retail shoe store businesses. Park across the | | | | rotating through different restaurants. If |
| street and count the customers that go into | | | | you own a shoe store, shop your competition |
| the store. Note how long they stay inside, | | | | once a month, and visit different stores. |
| and how many come out with boxes that look | | | | It takes a little hard work but by using the |
| like purchased shoes. You can probably even | | | | Internet and doing some research at local |
| count how many pairs of shoes each customer | | | | businesses, you should be able to gather all |
| buys. Browse the store and look at prices. | | | | the information necessary for your business |
| Look at several stores, including the | | | | plan. |