Investors, lenders, and others know that a market without competitors is typically a tiny and uninteresting market. And, of course, a healthy, growing market will always attract competition. So, unless you`re creating a new industry or a new market segment, you will have competitors. And, you`ll need to figure out how to beat them or at least to compete with them.
At the top of the page, right under your business name, include a one-sentence overview of your business that sums up the essence of what you are doing. This can be a tagline but is often more effective if the sentence describes what your company actually does. This is also known as your value proposition.
To understand your competitors and the industry, you`ll need to do market research. Invest time and effort and do market research correctly. A business can`t succeed if the owners don`t understand their industry, target customers, or the competition.
Writing a business plan is about establishing a foundation for your business. You`re not predicting the future, you`re working through the core strategy of your business that will help you grow. This initial document isn`t meant to be perfect but is designed to be reviewed and adjusted to help you identify and reach your goals.
First, you want your business plan to be read. No one is going to read a 100-page or even 40-page business plan. Sure, you may need supporting documentation for specific sections but you can include those elements in your Appendix.
A business plan is more than a document. It`s a guide that helps you outline and achieve your goals. It`s also a management tool that allows you to analyze results, make strategic decisions, and showcase how your business will operate, and grow. In short, if you`re thinking of starting a business or plan to pitch your business to investors, writing a business plan can improve your chances of success.