{"id":16448,"date":"2024-01-05T21:49:28","date_gmt":"2024-01-05T21:49:28","guid":{"rendered":"https:\/\/www.growthink.com\/?page_id=16448"},"modified":"2024-02-16T11:31:08","modified_gmt":"2024-02-16T11:31:08","slug":"competitive-analysis","status":"publish","type":"page","link":"https:\/\/www.growthink.com\/businessplan\/help-center\/franchise-business-plan\/competitive-analysis","title":{"rendered":"Franchise Business Plan Competitive Analysis"},"content":{"rendered":"<h1 style=\"font-size: 35px;\"><strong>Franchise Competitive Analysis<\/strong><\/h1>\n<p>Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.<\/p>\n<p><strong>Direct competitors<\/strong>\u00a0are other businesses offering the same products and\/or services as you..<\/p>\n<p><strong>Indirect competitors<\/strong>\u00a0are other options that customers have to purchase from or solve a need that aren\u2019t direct competitors. For example, McDonalds\u2019 direct competitors include other fast food restaurants, while indirect competitors include supermarkets, other restaurants, etc.<\/p>\n<p>With regards to direct competition, you want to detail the other businesses with which you compete. Most likely, your direct competitors will be businesses located close to your location.<\/p>\n<p>For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors\u2019 businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:<\/p>\n<ul>\n<li>What types of customers do they serve?<\/li>\n<li>What products do they offer?<\/li>\n<li>What is their pricing (premium, low, etc.)?<\/li>\n<li>What are they good at?<\/li>\n<li>What are their weaknesses?<\/li>\n<\/ul>\n<div class=\"promo\" style=\"margin-bottom: 15px;\"><a href=\"https:\/\/businessplantemplate.growthink.com\/franchise\/?utm_source=franchise-business-plan&#038;utm_medium=NA&#038;utm_campaign=seo\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #008cba;\">You can download our Franchise Business Plan Template (including a full, customizable financial model) to your computer here.<\/span><\/a><\/div>\n<p>With regards to the last two questions, think about your answers from the customers\u2019 perspective. And don\u2019t be afraid to stand outside your competitors\u2019 locations and ask customers as they leave what they like most and least about them.<\/p>\n<p>The final part of your competitive analysis section is to document your areas of competitive advantage. For example:<\/p>\n<ul>\n<li>Will you provide superior products\/services?<\/li>\n<li>Will you provide products\/services that your competitors don\u2019t offer?<\/li>\n<li>Will you make it easier or faster for customers to acquire your products\/services?<\/li>\n<li>Will you provide better customer service?<\/li>\n<li>Will you offer better pricing?<\/li>\n<\/ul>\n<p>Think about ways you will outperform your competition and document them in this section of your plan.<\/p>\n<div>\n    <button class=\"btn-right\" onclick=\"window.location.href='\/businessplan\/help-center\/franchise-business-plan\/customer-analysis';\">< Previous: Customer Analysis<\/button>             <button class=\"btn-right\" style=\"float: right;\" onclick=\"window.location.href='\/businessplan\/help-center\/franchise-business-plan\/marketing-plan';\">Next: Marketing Plan ><\/button>\n<\/div>\n<p><script src=\"https:\/\/code.jquery.com\/jquery-1.8.3.min.js\"><\/script><script>$(function(){  $('a').each(function() {    if ($(this).prop('href') == window.location.href) {      $(this).parent().addClass('current');    }  });});<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Franchise Competitive Analysis Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter. Direct competitors\u00a0are other businesses offering the same products and\/or services as you.. Indirect competitors\u00a0are other options that customers have to purchase from or solve a need that aren\u2019t direct competitors. For example, McDonalds\u2019 [&hellip;]<\/p>\n","protected":false},"author":29265,"featured_media":0,"parent":14110,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"class_list":["post-16448","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Franchise Business Plan Competitive Analysis<\/title>\n<meta name=\"description\" content=\"Here&#039;s how to create the Competitive Analysis section for your franchise business plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.growthink.com\/businessplan\/help-center\/franchise-business-plan\/competitive-analysis\" 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