In the last video, you added product or service details to your business plan.
In this video, you will add more details about the competition and your experience.
First, you will explain who your competitors are, what sets your business apart, and how you can successfully compete.
This helps you define your business and plan how to be competitive in your target market.
Then you will list your experience and background and that of any other business partners.
This will highlight your skills and qualifications to potential investors, customers, and employees.
This lesson provides an introduction to these topics.
Use the SCORE-dot-org worksheets included with this lesson to prepare each section in more detail.
To begin, add a heading for competition.
Add a subheading for your key competitors.
List key companies that compete with you, including names and locations.
If you’ve done research on this, copy it from your notes.
Give a brief description of each competitor.
Then, list the products or services that compete with yours.
Indicate if they compete with all your products, services, and customers or if they compete for specific products or services, or for certain customers.
For this lesson, include at least three competitors.
In your final business plan, add enough key competitors in your market to give a complete vision of your competition.
Then, add another section for competitor analysis.
Here, you will write several paragraphs.
In your first paragraph or two, outline the competitive environment for your business.
Explain: Who your competitors are, How much of the market they control, And other relevant details, such as how they position themselves in the market, and what their pricing is like.
The more research you have done, the more detail you will be able to provide.
The next paragraphs will explain your competitive advantage.
Explain why and how your business will be able to compete and become successful in the market.
Use a different paragraph to explain each primary way that you will compete.
You might have a paragraph explaining: A unique feature of your product or service, A special way that you do business or position your brand, Or how your hours, location, or pricing will help you compete across the market.
Use these descriptions to persuade readers that you know your competition and that your business has a clear plan to successfully compete.
Next, add another section, for experience.
In a brief paragraph, list your professional experience and background.
Highlight how your past work experiences will help your business succeed.
For example, if you are starting a petcare business -- as in the example here -- you would note that you previously worked for a company that made pet products or that you were a groomer.
This information demonstrates that you know your industry and your product or service.
If you have a business partner, add another paragraph that describes their related experiences, familiarity with your industry, and how they will benefit your business.
Move on to the next video to write your Executive Summary.
Now, it’s your turn: Add a section for competition, List at least three key competitors, including a brief summary of their business, Write a competitor analysis to explain what your market is like and how you will compete with others, And describe your relevant experience.