Competition in the business plan

Here is a short list of things to demonstrate on your business plan:

1. First, list those that are direct competitors, followed by those that may be indirect. Don't forget the ones outside of your geographical market, including exposure from the Internet.

2. Identify their keys to success. What differentiates them: price? Product features? Service, support, training, technology? Are their brand names important?

3. Identify the strengths and weaknesses of each of your major competitors.

In your marketing section, you need to explain how you will differentiate your business from the major competitors.