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Before you start seeking legal advice, renting office space, or forming an LLC, you need to put your thoughts on paper. You’ll also be able to share this plan with others to help you get valuable feedback.
This is arguably the most important part of launching a startup company.
If there’s no market for your business, the company will fail. All too often I see entrepreneurs rush into a decision because they fall in love with an idea.
Due to this tunnel vision, they don’t take the necessary steps to conduct the proper research. But if you take the time to write a business plan, you may discover there’s not a viable market for your startup before it’s too late.
It’s much better to learn this information in these preliminary stages than after you’ve dumped a ton of money into your venture.
Both of these fall under the market research category of your business plan.
Once you figure out who your competitors are, it will be easier to determine how your company will be different from them.
If you have superior quality, there is a market for that as well.
Competitive analysis should be conducted simultaneously with identifying your target audience.
Your company description can also incorporate your mission statement.
This is an opportunity for you to gain a better understanding of your startup.