In addition to analyzing your target audience, it is also essential that you examine your future competitors so that you can know them better, and thus make decisions or formulate strategies that allow you to compete with them in the best possible way.
As in the previous case, to analyze your competence, you must first determine the information that you would like to explain about it, which could include, for example, your location, your resources, your prices, you’re main strategies, your strengths, your weaknesses, etc.
And then, collect this information, for example, visiting their premises to observe their processes or the attention they give to the client, acquiring their products or testing their services to analyze them better, or doing little interviews with their former employees.
Preparation Of The Business Plan
- Business definition: the fundamental data of your business, the description of this as well as the product or service that you are going to offer.
- Marketing plan: the marketing strategies that you will apply once your business is launched.
Plan of operations: the physical requirements necessary for the operation of your business, and the description of its process.
Human resources plan the description of your management team and the personnel requirement that your business will have.
Financial plan: the calculation of the investment, the projection of income and expenses, and the economic evaluation of the project.