Describe your product offering and business development direction

[shaownhasan]

To create an effective business plan, you need to gather more data on the main products/services that the players in the market are offering, the business models they are using, and the stage of development of each company. To do this, analyze primary sources, such as official company websites and social profiles , as well as authoritative industry reports and statistics.

This information will help you understand the volume of similar business owner database can help goods and services being sold in your market right now and make predictions.

To speed up the process, you can use news aggregators and content analyzers, such as Feedly . If you want business information, such as revenue, investments, and number of employees, go to platforms like Crunchbase and Craft .

Consider threats
Now try to figure out if there is a threat of new competitors or a product/service substitution . Remember that at this stage you are painting the competitive landscape in broad terms, so you don't have to dive deep into social mentions and press releases. Find out if there are any easily accessible product gaps (if there is one, you can bet that sooner or later a competitor will fill it).