What Information Do I Need to Write A Business Plan?

A common problem people encounter whendiscount shoe stores and department store shoe
writing their business plan is finding informationdepartments. Find a similar business in another
about their business industry and competitiveplace. Find a similar business far enough away that
companies. Fortunately, in recent years theyou won't compete. For the shoe store example,
Internet has made information gathering simpleyou would identify shoe stores in similar towns in
and easy, but sometimes the best information isother states. Call the owner, explain your purpose
found much closer to home, with real people, intruthfully, and ask about the business. Scan local
real time.newspapers for people selling a similar business.
Always take a look at other businesses similar toContact the broker and ask for as much
your own, as a very good first step. If you'reinformation as possible. If you are thinking of
looking at starting a new business, you may wellcreating a shoe store and you find one for sale,
be starting one similar to one you already know.you should consider yourself a prospective buyer.
If you're doing a plan for an existing business, youMaybe buying the existing store is the best thing.
are even more likely to know the business well.Even if you don't buy, the information you gain will
Even so, you can still learn a lot by looking atbe very valuable. Why is the owner selling? Is
other similar businesses.there something wrong with the business? You
Look at existing, similar businesses. If you arecan probably get detailed financial information.
planning a retail shoe store, for example, spendAlways shop the competition. If you're in the
some time looking at existing retail shoe storerestaurant business, patronize your competition
businesses. Park across the street and count theonce a month, rotating through different
customers that go into the store. Note how longrestaurants. If you own a shoe store, shop your
they stay inside, and how many come out withcompetition once a month, and visit different
boxes that look like purchased shoes. You canstores. It takes a little hard work but by using the
probably even count how many pairs of shoesInternet and doing some research at local
each customer buys. Browse the store and lookbusinesses, you should be able to gather all the
at prices. Look at several stores, including theinformation necessary for your business plan.