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Investors will want to know what advantages you have over the competition and how you plan on differentiating yourself..Competitors may not always come in the form of “direct competition,” which is when you have a competitor offering a similar solution to your offering.Often times, you may be dealing with “indirect competition,” which is when consumers solve their problem with an entirely different kind of solution.
If so, use this final portion of your target market chapter to provide details about those customers and how they are important to your business’s success.
Immediately following your target market section, you should describe your competition.
Investors look for great teams in addition to great ideas.
Use this chapter to describe your current team and who you need to hire.
There are four main chapters in a business plan—opportunity, execution, company overview, and financial plan.
The opportunity chapter of your business plan is where the real meat of your plan lives—it includes information about the problem that you’re solving, your solution, who you plan to sell to, and how your product or service fits into the existing competitive landscape. Maybe the existing solutions to your customer’s problem are very expensive or cumbersome.You will also provide a quick overview of your legal structure, location, and history if you’re already up and running. Because once you know the details of your business inside and out, you will be better prepared to write your executive summary.After all, this section is a summary of everything else you’re going to write about.Who else is providing solutions to try and solve your customers’ pain points?What are your competitive advantages over the competition?Writing a business plan may seem like a big hurdle, but it doesn’t have to be. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think.The rest of this article will delve into the specifics of what you should include in your business plan, what you should skip, the critical financial projections, and links to additional resources that can help jump-start your plan.Because your executive summary is such a critical component of your business plan, you’ll want to make sure that it’s as clear and concise as possible.Cover the key highlights of your business, but don’t into too much detail.You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company.In that case, you can dispense with details about the management team, funding requirements, and traction, and instead treat the executive summary as an overview of the strategic direction of the company, to ensure that all team members are on the same page.