A reason for opening could be that you identified that no other restaurants in the area serve the cuisine you specialize in.
You can briefly discuss the vision and future of your startup company, but you don’t need to go into too much detail.
Your competitors will depend on your target market.
If you’re planning to sell jeans for $50, you won’t be competing with designer brands selling jeans for $750.
This is arguably the most important part of launching a startup company.
If there’s no market for your business, the company will fail. All too often I see entrepreneurs rush into a decision because they fall in love with an idea. That’s great news, and you should be excited about it.Take it from me: as someone who has founded several startup companies, I know what it takes to be successful in this space.You can target customers living in New England, for example.By the time you’re finished, the target market could look something like this: This profile encompasses all four demographic segments I mentioned earlier. Your business plan should talk about the research you conducted to identify this market. You’ll use this target market in other sections of the business plan as well when you discuss future projections and your marketing strategy. In addition to researching your target market, you need to conduct a competitive analysis as well. When you’re writing a business plan, your startup doesn’t exist yet. Don’t expect to be successful if you’re planning to launch a competitor’s carbon copy.If you have superior quality, there is a market for that as well.Competitive analysis should be conducted simultaneously with identifying your target audience.Customers won’t have a reason to switch to your brand if it’s the same as the company they already know and trust. Your differentiation strategy could involve your price and quality.If your prices are significantly lower, that can be your niche in the industry.To figure out your target market, start with broad assumptions and slowly narrow it down.Typically, the best way to segment your audience is using these four categories: As I said earlier, start broadly.