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A reason for opening could be that you identified that no other restaurants in the area serve the cuisine you specialize in.You can briefly discuss the vision and future of your startup company, but you don’t need to go into too much detail.
Both of these fall under the market research category of your business plan.
Once you figure out who your competitors are, it will be easier to determine how your company will be different from them.
But this information will be based on your target market.
For example, let’s say you’re in the clothing industry.
For example, you may start by saying your target market lives in North America, and then narrow it down to the United States.
But as you continue going through your market research, you can get even more specific.Customers won’t have a reason to switch to your brand if it’s the same as the company they already know and trust. Your differentiation strategy could involve your price and quality.If your prices are significantly lower, that can be your niche in the industry.You can target customers living in New England, for example.By the time you’re finished, the target market could look something like this: This profile encompasses all four demographic segments I mentioned earlier. Your business plan should talk about the research you conducted to identify this market. You’ll use this target market in other sections of the business plan as well when you discuss future projections and your marketing strategy. In addition to researching your target market, you need to conduct a competitive analysis as well. When you’re writing a business plan, your startup doesn’t exist yet. Don’t expect to be successful if you’re planning to launch a competitor’s carbon copy.The company summary forces you to set clear objectives.The type of company you have and how you will operate should be obvious to anyone who reads it. For example, let’s say you’re opening a restaurant.Your competitors will depend on your target market.If you’re planning to sell jeans for , you won’t be competing with designer brands selling jeans for 0. That’s great news, and you should be excited about it.Take it from me: as someone who has founded several startup companies, I know what it takes to be successful in this space.