Business plan competitive market analysis: know your competition

Take my full business plan and entrepreneurship courses:
https://www.udemy.com/course/how-to-start-a-business-go-from-business-idea-to-a-business/?referralCode=39682B31DCA89BD13A15

https://www.udemy.com/course/how-to-write-a-business-plan/?referralCode=D66A2AFD0CC9CFC4278F

My popular business plan book on Amazon:
https://www.amazon.com/Business-plan-template-example-business/dp/1519741782/ref=sr_1_3?keywords=business

Business plan competitive market analysis: know your competition.

For more business help, check out my website http://www.problemio.com

In this tutorial I explain what is the competitive analysis section of a business plan, how to write it, and how you should think about your competition. I also discuss how investors view this section, and what points you must cover to make sure that they are ok. Often, investors look at the competitive analysis section of your business plan to see how well you have researched your market, and how much experience you have in the business niche in which your business is in.

Knowing your competition is an absolute must. If an entrepreneur doesn’t have a good understanding of the competitive environment in their space, it is a bad sign of whether they are fit to run a business in that business space or not. You don’t have to over-focus on your competition and obsess about it, but you should study your competition and understand what direction they are moving towards, and always think about whether that is something that might also be good for your business.

When you do your competitive market analysis, consider that your competition are essentially your business peers. Even though you may have negative feelings about them, there are few people who understand what you are going through, and the challenges you face like your direct competitors. They are going through the same things.

If you liked this video on competitive market analysis, below are more tutorials on how to write a business plan.

Business planning playlist:
https://www.youtube.com/watch?v=pTKvgsUrLGE&list=PLAgq5S6WQmzGEfMPCPuxa7P_VC1NywXTR

Business plan for a fashion business or clothing line:
https://www.youtube.com/watch?v=wqcjxFEBFYI

Business plan for a day spa:
https://www.youtube.com/watch?v=LYOZUyVTe1c

Business plan for a boutique
https://www.youtube.com/watch?v=dtz4Wgq6VOc

Lawn care business plan:
https://www.youtube.com/watch?v=vhrm36lfSrI

How to plan and start a personal assistant business:
https://www.youtube.com/watch?v=siXbQar05Hk

How to write a business plan for a carpet cleaning business:
https://www.youtube.com/watch?v=x1cwvbzjnKg

How to open a pet store:
https://www.youtube.com/watch?v=5m64WBOhbtQ

How to open an animal rescue shelter:
https://www.youtube.com/watch?v=IBJi1TmROZs

How to start a home painting business:
https://www.youtube.com/watch?v=miGuNt_nRNw

How to open a coffee shop:
https://www.youtube.com/watch?v=D5bibcEpOn4

How to write a business plan and open a barbershop:
https://www.youtube.com/watch?v=aiG-h0N4wvY

How to open a nightclub:
https://www.youtube.com/watch?v=-mGhuq52Yow

How to start a computer repair business:
https://www.youtube.com/watch?v=VZ9XvEwDT0k

How to write a business plan and start a daycare business:
https://www.youtube.com/watch?v=mquu8No8phw

How to write a business plan and start a residential and commercial cleaning business:
https://www.youtube.com/watch?v=Zy2KGGCStdQ

How to start a handyman business:
https://www.youtube.com/watch?v=rkwxkhfO_wI

How to write a business plan and open a hookah lounge:
https://www.youtube.com/watch?v=C5iLGwsvpT8

How to write a business plan and start a snow removal business:
https://www.youtube.com/watch?v=azhoBziW9dk

How to plan and start a photography business:
https://www.youtube.com/watch?v=4KTacErtNkQ

How to become a life coach:
https://www.youtube.com/watch?v=JVJPo4HRIDU

Moving company business plan:
https://www.youtube.com/watch?v=gHjNoSSTexQ