Did you know that the more you know about your competition actually helps you understand your own business? It is true and the good news is that finding information about your competitors is both easy and inexpensive.

The best place to start your research is on your competitors’ websites. For further information, you can visit their brick and mortar store. As you research, ask yourself the following questions:

- What do I like about the store?
- What do I dislike about the store?
- How busy is it?
- What are they doing right?
- What are they doing wrong?
- How much do they charge?

Once you’ve answered these questions, you should have a good knowledge of your competition. Watch thisSmallBusinessNewz report with Abby Johnson and learn how you can take this information and use it in your favor.