One of the essential elements for starting a successful small business in Westchester County is creating a comprehensive, well-crafted business plan. The team of experienced small business mentors at SCORE Westchester provide free education and assistance you can count on as you’re putting this vital document together.

Business plans are important because they help you operate your business successfully. They also are the main tool lenders and investors use to determine if they should fund your business. One critical component of the business plan is the competitive analysis section.

In the competitive analysis section, you identify the businesses your new enterprise will be competing with, share how much of the market they currently control, and state your strategy for winning over customers from the competition to your business.   This can sound complicated, but as the SCORE Westchester team of small business mentors can show you, with a few fundamental market research techniques, this type of analysis is something you can definitely do.

In the Competitive Analysis section, you identify who your competitors are. You also look at what they do very well, what they do moderately well, and what areas they could use improvement in.  It’s a good idea to check out their prices and how they treat their customers.

When potential funders are considering your business plan, they’re going to want to know how you’re planning to differentiate yourself from the competition. What is so special about your business that customers will choose you rather than your competition? This is a question you must be able to answer with absolute clarity if you want to be successful in business.

Don’t worry if you don’t know the answer right this minute. SCORE Westchester knowledgeable small business mentors will help you do the necessary groundwork and research so you can discover the answer.

To learn more about creating a powerful business plan, make sure to attend the free July 17 workshop, A Winning Business Plan.  Space for these popular workshops is limited, so make sure to reserve your seat today!

Business Plan: Understanding Your Competition