7B. Competitor Analysis

  • SWOT analysis

What are the SWOTs looking for your competition, it is important to note, that you might not have all the knowledge and your competitors might not give out that information freely. It is alright to make assumptions, so long as you can back it up with information from your research.

  • Industry research from databases.

You can utilize the local Library (outside Thunder Bay, requires paying a low-cost monthly membership fee, plus an annual fee) in the City of Thunder Bay to get access to data on competition, and the competitive nature of your business. As well as other resources such as Statistics Canada data. You may also want to consider past information you gathered during your time either through surveys or customer feedback. In addition, you can use the following database to find more information on your industry.

An additional analysis you can utilize would be a Porters 5 forces to identify the competitive nature of your business which you can learn more here, Porters 5 forces (additional option)