To get a good idea of where you stand in terms of what's already out there, you need to research and analyze your competition. Identify all of your competitors, big and small, and state your competitive edge. What makes you different? Why should customers choose you over your competition? What do you have to offer?

Keep in mind, here, that you shouldn't try to replicate an existing product or service. Instead, your goal should be to innovate--to make this product or service better so that people choose you over your competition.