No competition in the market? Unreal!
You have an innovative business idea and want to start your own business. After all, nobody else is doing what you are doing. So you have no competition.
Never say you have no competition if you want to find an investor.
This will indicate to potential business partners and investors that you have no experience.
Firstly, if you really have no competitors, think about - why? Perhaps your business idea is not that good. Do your market research, make sure your product or service has customers.
If you have invented a brand new product, think about how your potential customers are tackling it now. Thomas Edison's competitors were not other light bulb manufacturers, but candle makers and paraffin lamp manufacturers. In addition, innovative products very quickly have competitors. Think about who could enter the market very quickly with a similar project.
How to write a competitor section in a business plan
Whether you are writing a business plan to strategise for your project or you need it to find an investor, you need to understand the challenges and opportunities that the competition presents.
Analyse how your project differs from the competition. What are its strengths, how do you position yourself?
To do this, you need to gather the right information about your competitors in the market.
Use online reviews, mobile apps, you can use a competitor's service as a customer.
Make sure you cover all the important aspects in the competition section of your business plan, but don't overload it with details.
Remember, there is always competition in business. There can only be two reasons why there isn't: you have a really new product, but that just means you are one step ahead or your business idea has a huge flaw that you don't already know about.
Either way, if you have a business idea, you have talent. Use it!