Planning Your Business Plan (Part 9)

BusinessPlanUnless you’re reinventing the wheel, which I wouldn’t recommend, you’re going to have competition. Supposedly, one of the most common statements appearing in Business Plans is, “We have no competition.” I’ll give you three guesses who you’re kidding, and the first two don’t count.

CompetitionWhatever your business, you have competition. Don’t deny it, especially not in your Plan. You might appeal to a niche market, but they’re out there. If not today, then in the future. I don’t want to rain on anyone’s parade. There are ideas out there that are original. But keep this in mind, if you’re very successful, competition will pop up. So keep this in mind when writing your Plan – what does the market look like today, and what do you think it will look like in the future. Address the competition and define your competitive advantages. If you don’t, they will.

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