Competitor analysis as inspiration for your business model

A good starting point for a beginner entrepreneur is to research not only the target market, but also the available business plans of existing businesses. For example, if you are looking to start a poultry farm, it would be a good idea to explore what your competitors are doing. There are many examples you can find online. Especially given that, over the past decade, statistics show an increase in consumption of poultry.

About the reviewer:

Cynthia Turner, professional business plan creator at OGS Capital, has over a decade of expertise in strategy development for regional entrepreneurs, building strong local partnerships that support local rural communities.

Market potential based on poultry consumption

Analyzing how consumption shifts over time gives you an idea of where the market is headed, and if there will be demand for your products and services in the future. A poultry business plan of an existing business can help you with the basics and act as an inspiration. For example, you’ll get an insight into what kind of market you are entering, or at least which aspects you should research in the area you are contemplating opening a business in. Furthermore, studying business plan examples can provide valuable benchmarks and strategies for your own venture.

In addition, getting a hold of a competitor’s business plan can provide a perspective on market potential, business aspirations for the region, and proposed business growth. Of course, the data may be outdated. Regardless, it will still make a good reference point.

Sample business plans can be used as inspiration to find novelty in approach, out of the box thinking, and tailoring a business to meet market expectations and demand. For instance, a sample business plan for an organic farm can inspire you to look into the options of running an organic or sustainable poultry farm.

Distribution channels of a poultry farm

Creating a product to sell gets you halfway. The questions you should ask yourself are:

1) Where and how will you sell the product?

2) Who is your customer?

3) How will they get distributed across points of sales?

4) Who covers transaction and delivery costs?

Who is the customer of a poultry farm?

Supermarkets, mini markets, factories, restaurants and cafes, other businesses, individuals – can all be customers of a poultry farm. The list can go on. It is important to define who the client of a business is. This will help identify communication channels, advertising and marketing strategies, distribution, business location and many other factors.

Conclusion

Though a business idea may seem straightforward, doing some research and analysis of what’s already available on the market can help identify strengths and weaknesses not just for the business venture, but also for the demand, market specifics, competition, and approach in strategy and distribution. With the market never standing still, market reports quickly become outdated. To maintain a competitive position on the market, it is important to have relevant market info.

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