Competitive
Analysis: Mistakes to Avoid
The following are several common mistakes
that can decrease the effectiveness of your competition section:
- Assuming you have no competition! (Please
don't do this! Claiming you have no competition or anything
remotely similar, is a sign of inexperience that readers
pick up on immediately.)
- Failing to identify both direct and indirect
competitors.
- Underestimating the power and strength
of competitors.
- Omitting the specific competitive advantages
you hold over your competition.
- Demonstrating a lack of knowledge or
strategy to combat changing competitive conditions.
- Failing to define and clarify your position,
strength, and market niche focus.
For more advice on writing the competitive analysis section
of your business plan:
Email
us at BizPlanIt if you have comments or suggestions about
our Virtual Business Plan.
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