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Business plan competitive market analysis: know your competition.
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In this tutorial I explain what is the competitive analysis section of a business plan, how to write it, and how you should think about your competition. I also discuss how investors view this section, and what points you must cover to make sure that they are ok. Often, investors look at the competitive analysis section of your business plan to see how well you have researched your market, and how much experience you have in the business niche in which your business is in.
Knowing your competition is an absolute must. If an entrepreneur doesn’t have a good understanding of the competitive environment in their space, it is a bad sign of whether they are fit to run a business in that business space or not. You don’t have to over-focus on your competition and obsess about it, but you should study your competition and understand what direction they are moving towards, and always think about whether that is something that might also be good for your business.
When you do your competitive market analysis, consider that your competition are essentially your business peers. Even though you may have negative feelings about them, there are few people who understand what you are going through, and the challenges you face like your direct competitors. They are going through the same things.
If you liked this video on competitive market analysis, below are more tutorials on how to write a business plan.
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