Women's Business Grants - Women's Financial Fund17 business plan mistakes that could jeopardize getting a business grant
There is ALWAYS competition, and anyone who fails to recognize it will fail. Why? Because even if your idea is brand spanking new and no one else is doing it, you also have to consider related businesses that could either be an alternative choice to your business or could easily move their business into your market. Let's say you are planning to open a cupcake business. Well, there are no doubt other bakeries in your area. If one is already doing fancy cakes, what is to say they couldn't start doing cupcakes as soon as you open to try and grab a piece of the market? Since they already have a customer base, it could have a considerable impact on your new business. Or even if they don't move into cupcakes, they still share the same market with high end cakes versus your high end cupcakes. So competition should not only include direct competition, but if you are offering a service or product to a brand new niche, you need to be prepared for an established business to move into the market area. Identifying this issue does reflect better on you (and your research) than if you ignore it all together and claim to have zero competition. Next... Business Plan Mistakes # 16 or Return to the beginning
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