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Competitor Analysis For Australian Businesses- What It Involves

By Chase Crawford

It would be a great idea to start a business in Australia. As seasoned entrepreneurs point out, this is the best way to go if you want to achieve genuine financial freedom. Australia is a particularly good place to build a profitable business because of its stable social and political environment that keeps businesses secure. Before you dive in though, it is important to first go into complete competitor analysis.

The truth is that analyzing the competition is not the first step you should really be worrying about. Before you evaluate anyone, you should first make sure that you’ve settled on the right business concept. You can get this done by asking yourself what you do best. If you aren’t sure, you can ask friends and relatives to help you out. Besides this, you also need to identify what it is that you love to do more than anything else. When you know your exact skills and preferences, you can look for a business option that is reflective of these.

Consider beginning competition analysis only if you have already identified your ideal business. Analyzing the competition however is sometimes a misunderstood task. Some think that it is all about simply listing who else is in the same business field and determining if they are too hard to compete against. This is no simple feat to accomplish but real assessment is even harder.

Before anything else, your first priority should be to find out if there is a real market that demands that your product be sold. If people want it bad enough, you will have an instant look at who else is selling the product. It is obvious that demand should be present to ensure the success of your venture. If competitors analysis shows however that there are too many strong contenders, you might not be able to expect considerable success. Fortunately, Australia is generally a good place to start a small business because most businesses fall under this category. Hence, it will be easier for you to jostle elbows with the competition.

The second step is to find out if your venture is likely to grow. This involves looking a bit into the future. Ask yourself who your target market will be and if your product is only good as a one time purchase. If the market is limited and paying customers only need to buy once, then you’d have a hard time staying longer in business.

The third level in analysis is to check ethical considerations. You can easily make money by exploiting workers in less privileged countries. For a very small amount, you can buy or mass produce your products through the labor and sweat of poorly paid individuals. Your competition might be enjoying financial success precisely because of this tactic. Would you consider taking the same step or competing with more ethical standards in place?

There is hardly any better place for business than Australia. You should take the chance of starting your own venture now but only if you’ve performed the appropriate competitor analysis. If you find this too technically challenging, you might want to ask for expert help.

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Article Citation
MLA Style Citation:
Crawford, Chase "Competitor Analysis For Australian Businesses- What It Involves." Competitor Analysis For Australian Businesses- What It Involves. 11 Jul. 2010. 26 Dec 2014 <>.

APA Style Citation:
Crawford, C (2010, July 11). Competitor Analysis For Australian Businesses- What It Involves. Retrieved December 26, 2014, from

Chicago Style Citation:
Crawford, Chase "Competitor Analysis For Australian Businesses- What It Involves"

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