For example, if you operate an Italian restaurant, a French restaurant would be an indirect competitor.
In this section of your business plan, outline who your indirect competitors are, and their strengths and weaknesses.
It can also help to convince customers, suppliers and potential employees to support you.
This sample business plan template contains detailed step-by-step instructions on how to create a complete business plan.
A business plan is a written document that describes your business.
It covers objectives, strategies, sales, marketing and financial forecasts.9 - Competitive Advantages Importantly, identify your Competitive Advantages in this section.Specifically, state what is it about your company that will allow you to effectively compete (and win) against both direct and indirect competitors. Discuss your expected branding based on your chosen pricing model.A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.Read about the finance options available for businesses on the Business Finance Guide website.Your business plan gives lenders and investors the information they need to determine whether or not they should consider your company.Your business plan outline is the first step in organizing your thoughts.Because if it doesn’t interest readers, they’ll never even get to the rest of your plan. Finally, include a synopsis of your financial projections in your Executive Summary.Start your Executive Summary with a brief and concise explanation of what your company does. Specifically, include your expected revenues, expenses and profits for each of the next five years, how much funding you are seeking, and the key uses of these funds.Section V - Competitive Analysis Your Competitive Analysis section has three sub-sections as follows: 7 - Direct Competitors Direct competitors are companies that fill the same customer need you fill with the same solution.For example, if you operate an Italian restaurant, other Italian restaurants would be direct competitors.