Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.<\/span><\/p>\n Direct competitors are other event venues.<\/span><\/p>\n Indirect competitors are other options that customers have to purchase from that aren\u2019t direct competitors. This includes restaurants and hotels<\/a>. You need to mention such competition to show you understand that not everyone hosting an event will utilize an event venue.<\/span><\/p>\n With regards to direct competition, you want to detail the other event venues with which you compete. Most likely, your direct competitors will be event venues located very close to your location.<\/span><\/p>\n For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors\u2019 businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:<\/span><\/p>\n With regards to the last two questions, think about your answers from the customers\u2019 perspective. And don\u2019t be afraid to ask your competitors\u2019 customers what they like most and least about them.<\/span><\/p>\n\n