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Even better—if you’re pressed for time—we’ve compiled the 10 steps and examples into a downloadable (PDF) template: But, first things first …
has never been better: For more details, refer to our post on how to identify and attract customers.
Competitive research begins with identifying other companies that currently sell in the market you’re looking to enter.
The next step is to outline your ideal customer as well as the actual and potential size of your market.
Target markets—also known as personas—identify demographic information like: If your target market is too broad, it can be a red light for investors.
The idea of carving out enough time to learn about every potential competitor you have may sound overwhelming, but it can be extremely useful.
Answer these additional questions after you’ve identified your most significant competitors: If you haven’t done your homework, those investors will see right through you.If your business doesn’t have any direct competition, research other companies that provide a similar product or service.Next, create a table or spreadsheet listing your competitors to include in your plan.Landscape Inc.’s mission is to change the face of our city through sustainable landscaping and help you create the outdoor living space of your dreams.Founded in 2019 by sisters Sherry and Shelly Smith, we have over 25 years of combined landscape-architecture experience.Spend some time thinking about what sets you apart.If your idea is truly novel, be prepared to explain the customer pain points you see your business solving.A mission statement is your business’ reason for existing. it’s about They should be rallying cries around which the heart and soul of your business turn. Don’t worry about making your company history a dense narrative.Instead, write it like you would a profile: Then, translate that list into one or two paragraphs (see below). These goals must be SMART: specific, measurable, achievable, realistic and time-bound. When your objectives aren’t clearly defined, it’s hard for employees and team members to work towards a common purpose.Within Cleveland’s residential landscaping market, there are only two high-end architectural competitors: (1) Yard Makers and (2) Design Your Landscape.All other businesses focus solely on either industrial projects or residential maintenance.