We do not plan to sell bicycles for at least the first two years of operation. However, sellers of new equipment do indirectly compete with our business since a customer who buys equipment no longer needs to rent equipment. Later, when we add new equipment sales to our operation, we will face competition from online retailers. We will compete with new equipment retailers through personalized service and targeted marketing to our existing customer base, especially through online initiatives.
While your business plan is primarily intended to convince you that your business makes sense, keep in mind most investors look closely at your competitive analysis. A common mistake made by entrepreneurs is assuming they will simply "do it better" than any competition. Experienced businesspeople know you will face stiff competition: And, even if you do not ever plan to seek financing or bring in investors, you absolutely must know your competition.
What are their strengths? Price, service, convenience, extensive inventory are all areas where you may be vulnerable. What are their weaknesses? Weaknesses are opportunities you should plan to take advantage of. What are their basic objectives? Do they seek to gain market share? Do they attempt to capture premium clients?
See your industry through their eyes. What are they trying to achieve? What marketing strategies do they use? Look at their advertising, public relations, etc. How can you take market share away from their business? How will they respond when you enter the market? Check out their websites and marketing materials. Most of the information you need about products, services, prices, and company objectives should be readily available. If that information is not available, you may have identified a weakness.
Take a look around. Check out sales materials and promotional literature. Have friends stop in or call to ask for information. Evaluate their marketing and advertising campaigns. How a company advertises creates a great opportunity to uncover the objectives and strategies of that business.
Advertising should help you quickly determine how a company positions itself, who it markets to, and what strategies it employs to reach potential customers. Search the Internet for news, public relations, and other mentions of your competition. Search blogs and Twitter feeds as well as review and recommendation sites. While most of the information you find will be anecdotal and based on the opinion of just a few people, you may at least get a sense of how some consumers perceive your competition.
Plus you may also get advance warning about expansion plans, new markets they intend to enter, or changes in management. You might be surprised by what you can learn about your business by evaluating other businesses. Think about your business and your industry, and if the following conditions exist, you may face competition does the road: The industry enjoys relatively high profit margins Entering the market is relatively easy and inexpensive The market is growing--the more rapidly it is growing the greater the risk of competition Supply and demand is off--supply is low and demand is high Very little competition exists, so there is plenty of "room" for others to enter the market.
Who are my current competitors? What is their market share? How successful are they? What market do current competitors target? Do they focus on a specific customer type, on serving the mass market, or on a particular niche? Are competing businesses growing or scaling back their operations?
What does that mean for your business? How will your company be different from the competition? What competitor weaknesses can you exploit? The authors discuss a study on co-ordinated care as a critical aspect of accurate diagnosis and the effectiveness of heart failure HF management.
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To make things easier, it is suggested that support should be sought from those experienced in creating business plans, relevant supporting evidence should be accessed, and the whole team affected by the subsequent service should be involved in order to increase the validity of the exercise. Sex Education in Schools. Are You A Librarian? Are You A Publisher?
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Increasing financial constraints on cardiac services and the NHS, coupled with the need to demonstrate positive service outcomes, has heightened the emphasis on producing a clear business plan/case to support development or re-design of many services before commencing any patient initiative.
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