Writing Business Plans: How to Identify Customers and Competitors

By Paul Tiffany, Steven D. Peterson

Part of Business Plans For Dummies Cheat Sheet

A critical part of a successful business plan is identifying your customers and the competition. Solid business plans incorporate research on potential customers and competitors. Begin by asking the following questions, and then apply the tips on how to become a winning business:

Three Customer Questions

  • Who is buying?

  • What do they buy?

  • Why do they buy?

Three Competitor Questions

  • How big are they?

  • Which customers are they after?

  • What is their strategy?

Three Ways to Win

  • Cut costs to the bone

  • Offer something unique

  • Focus on one customer group