By Corona at November 05 2019 21:26:13
I often see people split into two camps. On one hand those who almost ignore competitors in their business plan, because they do not want to think about the issue yet and feel so confident they have a great idea for the market regardless. But I recommend not being overconfident when it comes to competitors. They are still there for a reason, they are still around and in business for a reason, so view them with that in mind.
Here is the way I would encourage you to set up a growth business plan: • Do some dreaming about what you would like your lifestyle to be • By dreaming decide on an average income you would like to have over the next few years • Decide how many years out you would like your plan to cover • Decide how much profit you would like for your business to generate above the income you want for yourself. • Set up a profit and loss statement of your existing business or your proposed business • With the right business knowledge and a profit and loss statement you can actually use that data to see what your business would need to do for you to give you that income and profit • Even better you can determine what size market you would need and even determine whether your market would support your business presently and in the future.