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Ten Questions to Ask When Writing a Business Plan Competitive Analysis
The competitive analysis of a business plan should include carefully researched data on your competitors. It is not enough to simply list your competition. You need to show how they operate their businesses and identify their strengths and weaknesses. You need to explain your strategy to gain the competitive edge from this information. As you write your competitive analysis, ask yourself the following questions:
1. Have I thoroughly listed all of my direct and indirect competitors? Missing a major player in the industry can reflect poorly on your business plan.
2. Have I done my homework and gathered accurate facts and figures on my competitors? Don’t be afraid to show strong competition.
3. What are the strengths and weaknesses of my competitors? Include both in your competitive analysis. Remember, their weaknesses may be your strengths.
4. What target markets are my competitors reaching?
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