COMPETITION
Every business has competition. Companies stating they have no competition lose credibility in the eyes of a lender. It is important to identify the strengths and weaknesses of your main competitions. Depending on your industry you may want to provide a detailed assessment of your top 3-5 competitors; more if necessary.
Primary competition
Identify your main competitor.
Provide a detailed assessment including:
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Summary of their product lines. Provide strengths and weaknesses. How do their products compare to yours?
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Strength of the competition. Provide sales estimates. Do they have the same target market or operate in your niche? What are the company strengths and weaknesses including their products and services?
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What is the impact on your company? Why will people buy your product over the competition? What makes your product different?
Other competitors
Identify and provide a detailed assessment (similar to that completed for your primary competitor). Ensure you identify all major competitors and alternative services that customers may use instead of purchasing from you.
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