Primary Competitors: Deciding which competitors to list is an important first step. You may want to rank them, categorize them into distinctive groups, or perhaps just list the one, two or three most important. Generally I recommend that you make a distinction between those firms that you compete most directly with, versus those firms that […]
Changes in the Industry: Changes can be just as important, if not more important, than the underlying structure and nature of the industry. Especially for a new or less established company, changes may affect you the most. Not being wedded to the old ways of doing business you may be better able to design […]
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Target Market And Customers Target Market And Customers: How you define your target market may have a major impact on the success of your business. Many small and new businesses would be better off if they specialized in a particular market or product niche. The more a business specializes the less it will compete directly […]
Marketing Plan – Market Segmentation: Market segmentation is usually not as straightforward as it first appears. Most markets are segmented in more than one way. If you overlook a particular type of market segmentation you could miss a possible major advantage for your business, especially if you are trying to enter a new market. […]
Marketing Plan – Changes In The Market. You want to particularly focus on any major trends, or any minor trends that may possibly affect your business, however remotely. Give particular attention to emerging new markets, shifts in the nature of competition, consolidation of industry competitors or customers or suppliers, demographic shifts in markets, and […]
Marketing Plan – The Overall Market. You may be thinking `Why I should I have any discussion of the overall market since I’m only going to compete in one small niche or market segment?` An overall discussion of the market gives context to your plan and to your business. It also enables employees, investors […]
Vision Statement This is one of those parts of the business plan that is make or break. If you don’t know where you want your business to go, it’s probably not going to go anywhere. Potential outside investors, lenders, key customers, and employees all want to know what your future vision is of your business. […]
Business Plan– Financial Situations/Needs. This is not the time to be shy. Start right out by stating how much money you need. And be sure to include plenty for a cushion in case you have underestimated expenses or overestimated sales. The costs of starting a business especially, tend to run a lot higher than expected […]
Business Plan-Key Success Factors: Every firm has plenty of success factors built into their business that can help them succeed. Here you want to zero in on just a few that can really make a difference. Especially for start-ups, you might want to focus on your key people here. You might have a great new […]
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