Business plan competition section
From: Ramsoy Z.
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Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business. This article is part of a larger series on SBA Loans. Businesses applying for a loan through the Small Business Administration SBA can benefit from a well-prepared business plan.
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The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market. Every business has competition. Understanding the strengths and weaknesses of your competition--or potential competition--is critical to making sure your business survives and grows. While you don't need to hire a private detective, you do need to thoroughly assess your competition on a regular basis even if you only plan to run a small business. In fact, small businesses can be especially vulnerable to competition, especially when new companies enter a marketplace.
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