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Your competitors will depend on your target market.If you’re planning to sell jeans for , you won’t be competing with designer brands selling jeans for 0.
You’ll cover that in greater depth as you write the rest of your business plan.
Keep in mind, this description is a summary, so there’s no reason for you to write a ton.
A typical business plan consists of the following elements: First, it gives you a much better understanding of your business.
You may think you know what you’re talking about, but putting it on paper will truly make you an expert.
You can target customers living in New England, for example.
By the time you’re finished, the target market could look something like this: This profile encompasses all four demographic segments I mentioned earlier. Your business plan should talk about the research you conducted to identify this market. You’ll use this target market in other sections of the business plan as well when you discuss future projections and your marketing strategy. In addition to researching your target market, you need to conduct a competitive analysis as well. When you’re writing a business plan, your startup doesn’t exist yet. Don’t expect to be successful if you’re planning to launch a competitor’s carbon copy.Both of these fall under the market research category of your business plan.Once you figure out who your competitors are, it will be easier to determine how your company will be different from them.Due to this tunnel vision, they don’t take the necessary steps to conduct the proper research. But if you take the time to write a business plan, you may discover there’s not a viable market for your startup before it’s too late.It’s much better to learn this information in these preliminary stages than after you’ve dumped a ton of money into your venture.But this information will be based on your target market.For example, let’s say you’re in the clothing industry. That’s great news, and you should be excited about it.Take it from me: as someone who has founded several startup companies, I know what it takes to be successful in this space.This section should be pretty concise and no more than three or four paragraphs. Although you may think everyone will love your idea, that’s not a viable business strategy.One of the first steps to launching a successful business is clearly .