Business competitors are other companies or entities that operate in the same industry and offer similar products or services to the same target market. Competitors compete for the attention, patronage, and loyalty of customers. They aim to provide better value, quality, pricing, or other differentiating factors to gain a competitive advantage.

Identifying your business competitors involves researching and analyzing the landscape of your industry. Competitors can be categorized into three main types:

1. Direct Competitors: These are businesses that offer products or services similar to yours and target the same customer base. They are often the most obvious competitors and the ones you will likely monitor closely.
2. Indirect Competitors: These are businesses that offer products or services that are not the same as yours but could still satisfy the same customer need or solve the same problem. Customers might choose between your offerings and those of indirect competitors.
3. Potential Competitors: These are new entrants to the market or existing businesses that could pivot or expand to directly compete with your products or services in the future.