10/20/2026
Before starting a business, it's important to understand who else is offering similar products or services. Taking the time to research your competition can provide valuable information that helps you make better decisions before you launch.
Start by looking at businesses operating in your community or serving the same customers you hope to reach. What do they offer? How are their products or services priced? What do customers seem to appreciate about them? Are there common complaints or needs that aren't being met?
Customer reviews, websites, social media pages, and visits to local businesses can all provide useful insights. You may discover that customers are looking for more convenient hours, different service options, better accessibility, or products that aren't readily available in your area.
It's also worth remembering that competition isn't necessarily a bad thing. Other businesses offering something similar can be a sign that demand already exists. The important question is whether there's enough opportunity for your business and what you can offer that makes it a worthwhile choice for customers.
Your goal shouldn't be to copy what someone else is doing or simply offer the lowest price. Instead, use what you learn to identify opportunities, understand customer expectations, and develop an approach that makes sense for your own venture.
For Indigenous entrepreneurs exploring a new business idea, competitor research is an important part of understanding the market and building a realistic plan. ABDC is here to help you explore your options, access resources, and make informed decisions as you prepare to get started.
Stop by 890 Vancouver Street or call 250.562.6325 to connect with our team and learn more.