The competitive analysis includes an assessment of your competition and how your business will compete in the sector.
You can turn to How to Write the Competitors Analysis Section of the Business Plan for help.
The resulting document can serve as the blueprint for your business and be supplied to financial institutions or investors if debt or equity financing is needed to get your business off the ground.
Pros of using a business plan template: A good business plan template can help you get your thoughts organized.
The simple business plan template presented here will get you started.
A standard business plan consists of a single document divided into several sections including a description of the organization, the market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.
See How to Write the Executive Summary of the Business Plan to get you started.
In this section, you need to demonstrate that you have thoroughly analyzed the target market and that there is enough demand for your product or service to make your business viable.
It provides a short, concise, and optimistic overview of your business that captures the reader's attention and creates a need to learn more.
The executive summary should be no more than two pages long, with brief summaries of other sections of the plan.