Part 1: Developing a Business Plan

Analyze the Competition

A key to the success of your business is establishing your share of the market. In this section you will identify your competitors and compare your business to your three major competitors. Be honest with yourself. The purpose is to help identify areas where you have a competitive advantage as well as areas for potential improvements. You will have to do some leg work and research but don't short cut this step. It is very important to know your competition well.

Identify your major competitors.

Competitors name
Location
Estimated market volume
Estimated market share (%)
       
       
       
       
       
       

1. If this is an existing business, has your competition's market share recently changed dramatically? If yes, why?

 
 
 
 

2. What is the intensity of competition in your target market?

High?

Medium?

Low?

3. What makes your business's product or service different from the competition?

 
 
 
 

4. Do your competitors offer a broad or narrow range of products or services?

 
 
 
 

5. Do your competitors concentrate on quality or volume?

 
 
 
 

6. Are your competitors' prices considered low, medium, or high?

 
 
 
 

Continue to page two of competition analysis

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