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In the last lesson, you focused on detailing your product or service within your business plan. Now, it’s time to delve into understanding your competition and showcasing your experience. Start by identifying your competitors, highlighting what differentiates your business, and strategizing for competitive success in your target market. This will help in defining your business and planning for competitiveness. Next, list your experience and background, as well as that of any business partners. This section is crucial for showcasing your skills and qualifications to potential investors, customers, and employees. To assist you in these tasks, utilize the SCORE.org worksheets provided for detailed preparation of each section.
Begin by adding a heading for competition and a subheading for key competitors. List significant companies that compete with your business, including their names and locations. Use your lesson notes to provide a brief description of each competitor and list the products or services they offer that compete with yours. Indicate the extent of their competition, whether it’s across all your products, services, and customer base or specific to certain areas. For this lesson, include at least three competitors, but in your final business plan, ensure you have enough to fully represent your market competition. Follow this with a competitor analysis section, where you will write several paragraphs. In the first few paragraphs, describe the competitive environment, detailing who your competitors are, their market share, their market positioning, and pricing strategies. The depth of your lesson will reflect in the detail you can provide. Subsequent paragraphs should focus on your competitive advantage, explaining how and why your business can succeed in the market. Separate each primary competitive strategy into different paragraphs, such as unique product features, unique business practices or brand positioning, and advantages in hours, location, or pricing. Use these descriptions to convince readers of your thorough understanding of the competition and your clear plan for success. Then, add a section for experience. In a concise paragraph, outline your professional experience and background, emphasizing how it will contribute to the success of your business. For example, if starting a pet care business, mention any relevant past work, like working for a pet products company or as a groomer, to demonstrate industry knowledge. If you have a business partner, include another paragraph detailing their relevant experiences and how they will add value to the business. Great job on completing this part! Next, you’ll move on to writing your Executive Summary. Now it’s your turn: Add a section for competition, list at least three key competitors with a summary of their business, write a competitor analysis to explain your market and your competitive strategies, and describe your relevant experience.