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The Market and your Competitors

The third section should cover all the relevant information about the market you will be entering and who your competitors will be. You should write in here the results of any market research that has been undertaken, and be able to demonstrate that you are fully aware of how the market operates, its drivers and trends, that you will be participating in

• define your market

• quantify your market, for example, it’s size, any relevant statistics

• explain your market, for example, any trends, any pending legislation, use business tools such as PESTEL and Ansoff’s Matrix to explain if you are entering a new or existing market with a new or existing service, explain whether there are any restrictions on your market

• identify who your competition is and how much of the market you will share together

• you should be able to demonstrate that you will be successful in the market despite the current competition (if there is any)

• discuss who your targeted customer base will be and you know that you will gain custom from them

• talk about any competitor analysis that you may have carried out. For example, compare a SWOT analysis that you will have done on your business in comparison to a SWOT analysis of your competitors. Include here that you have thought about the future as well, so if there were to be any anticipated changes, how would you and your competitors react to these