How Do I Build A Winning Business Plan? – Part 2
Competitor Analysis – Keep it Real
Failure to identify competitors in your business plan is a warning sign to potential investors that either:- you’ve not done enough research; you haven’t acknowledged the competition you face; or that actually the market is not large enough to support any competition. You’re not going to find anyone to invest in your business if the latter is true.
It is much better if you acknowledge realistic strengths and weaknesses of your closest competitors, and how you will address those with your business model. It also acts as evidence to the potential investor – as mentioned above – that the market is large enough to support a number of businesses. A perceived margin of safety that there’s business there for the taking.
Competitive Analysis – Prove your barriers to entry
In the part in your business plan which addresses competition, you must cover the area known as competitive barriers.
Some businesses naturally have barriers that prevent upstart competitors from getting a look in.
Take the oil...
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