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Writing a Business Plan: The Competitors' Profile

 

Writing a business plan is one of the most vital aspects of starting your own business. Coming up with business ideas is quite easy. It is the planning and structuring that makes the journey difficult. You have to make sure that you spend a good amount of time and money in creating a business plan. The business plan will serve as your company's blueprint, and it also plays a huge role in the success of your entrepreneurial venture.  It is a detailed map that includes your company's vision, cash flow and financing assessment, business profile, a marketing extension plan, and as well as a contingency plan.

Business Profile

This section involves defining your business. It includes your company's objectives and the services or products that you intend to sell in the market. In this part, you get to define whether yours is a product based or service based company. Include a little analysis on the growth trends on your chosen line of business. Make a good description of your target market. Indicate whether you want to sell your services to businesses, individuals or both.

Business Contacts and Staffing Requirements

This part should include who you will be employing in the company and the respective qualifications for each position. List any important business contacts that you find relevant in your previous experiences. List the names of your company's lawyer, financial advisor and accountant.

Marketing Strategies and Expansion Plans

Marketing plans must be addressed appropriately and in detail. Allot an advertising and marketing budget to help brand your business. Choose the right advertising options once you have decided on a target audience. There are several types of advertising media such as newspaper ads, radio spots, direct mail flyers, etc. One of the most popular advertising trends these days is done online. Start by developing your company website and optimize it. Create a user-friendly and web crawler-friendly site. Create a viable and achievable expansion plan. Include specific target sales that need to be met prior to an expansion. Develop a plan with helpful strategies on how you can grow your business. This can be through extensive international marketing, increased advertising efforts, aggressive recruitment and so on.

Know and Understand the Competition

Competitor analysis is a vital aspect of the comprehensive planning process. Knowing your company's competition will provide a basis to create strategies for competitive advantage in the coming days. Competitor analysis will also help you understand a competitor's past, current and future strategies. These studies can also help in forecast returns for future investments. For example, how will competitors behave in response to a brand new pricing strategy or product?

Business Financing

It is vital that you list down any expenses that you may have and how you intend to pay them. Does your company have the proper insurance, zoning and licensing agreements? Make sure you also include your business's estimated capital requirements, cost and sales.

Contingency Plans

A good business plan will include a backup plan in cases of market slumps, risk of failed targets and other unfortunate events. Planning a contingency plan ahead of time will help you prepare for the tough times.

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