How to Business Plan Pt 4 of 10 - Your markets and competitors

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Your markets and competitors

In this section you should define your market, your position in it and outline who
your competitors are. In order to do this you should refer to any market research
you have carried out. You need to demonstrate that you're fully aware of the
marketplace you're planning to operate in and that you understand any important
trends and drivers.

You should also be able to show that your business will be able to attract
customers in a growing market despite the competition.

Key areas to cover include:
• your market - its size, historical data about its development and key
current issues
• your target customer base - who they are and how you know they will be
interested in your products or services
• your competitors - who they are, how they work and the share of the
market they hold
• the future - anticipated changes in the market and how you expect your
business and your competitors to react to them.

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visit Bplans and get 500+ Sample Business Plans.