But ask yourself one simple question, "How many people do you know in real-life who claim they made a forture simply following an Internet moneymaking guru's secret money plan? Sure, they'll show you screenprints of thier Google checks, their bank accounts, their Google Adsense statement, etc. And this is because in the world of Adsense, something fundamentally has changed that limits the amount of income one can make from websites that cover many high money paying topics.
The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market.
Every business has competition. Understanding the strengths and weaknesses of your competition--or potential competition--is critical to making sure your business survives and grows.
In fact, small businesses can be especially vulnerable to competition, especially when new companies enter a marketplace.
Competitive analysis can be incredibly complicated and time-consuming Here is a simple process you can follow to identify, analyze, and determine the strengths and weaknesses of your competition.
Profile Current Competitors First develop a basic profile of each of your current competitors. For example, if you plan to open an office supply store you may have three competing stores in your market. Online retailers will also provide competition, but thoroughly analyzing those companies will be less valuable unless you also decide you want to sell office supplies online.
Only you can determine that.
To make the process easier, stick to analyzing companies you will directly compete with. If you plan to set up an accounting firm, you will compete with other accounting firms in your area. If you plan to open a clothing store, you will compete with other clothing retailers in your area.
Again, if you run a clothing store you also compete with online retailers, but there is relatively little you can do about that type of competition other than to work hard to compete in other ways: Once you identify your main competitors, answer these questions about each one.
What are their strengths?
Price, service, convenience, extensive inventory are all areas where you may be vulnerable. What are their weaknesses? Weaknesses are opportunities you should plan to take advantage of. What are their basic objectives? Do they seek to gain market share?
Do they attempt to capture premium clients? See your industry through their eyes. What are they trying to achieve? What marketing strategies do they use?
Look at their advertising, public relations, etc. How can you take market share away from their business? How will they respond when you enter the market? While these questions may seem like a lot of work to answer, in reality the process should be fairly easy. To gather information, you can also: Check out their websites and marketing materials.Read today's top stories news, weather, sport, entertainment, lifestyle, money, cars and more, all expertly curated from across top UK and global news providers.
The competitor analysis section can be the most difficult section to compile when writing a business plan because before you can analyze your competitors, you have to investigate them. Startup Competition Guide: A Giant List of The Best Business Contests.
New York StartUP! Business Plan Competition. Description: Since starting as a pitching competition back in we’ve evolved into one of the UK. Business Plan Competitions. During the second semester in the Wolff Center, our students form Intellectual Property (IP) business plan teams to represent WCE and the Bauer College of Business in coveted business plan competitions held throughout the world.
Business Plan Competition for New York-based startup entrepreneurs with cash prizes totaling over $30, Entrants gain practical insights about starting and growing a business, while using the comprehensive small business resources at NYPL’s Science, Industry and Business Library (SIBL).
A complete list of business competitions and awards for UK startups and small businesses, with details on funding, deadlines and criteria for each award.
Business competitions and awards in the UK The CleanTech Challenge is an international business plan competition for innovative clean technology product ideas.