STEP 1: List all of your competitors. Explain what they do, where they do it, and how they do it. Think of your competitors broadly, including those that offer similar products or services, as well as substitutable products or services. It is critical that you research your direct and indirect competitors in detail. Create a spreadsheet and include sales, market share, pricing, profitability, debt, management effectiveness, technological development, productivity levels, growth capacity and marketing tactics.
STEP 2: Now that you have detailed information on your competitors, explain your competitive edge and business strengths. Highlight what you can do that other businesses can't do. Describe your market niche.
STEP 3: Clarify your role in the market and how your business will offer a specific market niche.
STEP 4: Prove there is a market for your service or product. Make sure you show the size of your target market. This is where you show how well you have researched your market and presented the proof. Remember to cite all of your sources.
STEP 5: List your strengths and your achievements. Then list your weaknesses and explain how you will overcome these weaknesses.
STEP 6: Describe your company in detail, including history and present situation. Include information on business structure, ownership, and location of headquarters and branches. Explain the benefits of your location and your plans for the future. Outline all key players and what they do in your company.