Every little thing that your prospective student could be spending money on is actually competition. If it takes attention or money away from your prospect it is in fact competing with you.
Along with your analysis you should consider not just direct competition like other institutions offering the same or similar courses, but indirect competition as well.
You could be looking at youtube channels creating content on practical hobbies like 3-d printing, or videos on book keeping. Sources of comeptition are numerous and all should be taken into account. They could all mean the difference between a student being able to afford your class or having to wait a few months to save up some more.
