Outline any competitive advantages that you may have. Do you have any catering business qualifications or skills? Have you have experience in the hospitality industry? Do you have existing relationships with suppliers or prospective clients?
Competitive Analysis : The competitive analysis is a great way to determine the strengths and weaknesses of the competitors in the same market. This will allow you to create strategies to give you an advantage. Any potential threats can be recorded which will help to create early strategies to prevent any weaknesses that can be exploited.
It should include a market research that identifies your competitors, their share of the market and the range of the products they produce. By learning how they conduct their operations, you may learn tricks of the trade in the business you want to enter and you also get to have a basis on what you can do to excel.
Finally, a business plan should be error - free. This is important because your business plan defines who you are as a business person. If it turned out sloppy, then that does not speak too highly of you.
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