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Evaluating your location and set up is just one of the considerations you have to think of, as well as things like any employees that will be working with you.
All’s well and good, but then a new video company open (let’s call them ).
If The Acme Video Company start working in the same area and targeting the same kind of local businesses as you for video work, then you have a competitor.
I’ve written a number of business plans for different businesses, including for my video production company.
These are the most effective methods that have worked for me.
Don’t just look at personal strengths and weaknesses — look at the bigger picture.
While you go through this exercise, you may find what you can highlight (Strengths), how to improve (Weaknesses), what you can take advantage of (Opportunities), and what may stop your business from growth (Threats).So do this (especially when you’re just starting out and growing your company): Naturally, the smaller your city, or the area in which you want to work, the less competitors you’ll have.No need to write down every competitor for your business plan. As you work to continually develop your business plan, you’ll want to dig in deeper on thee players in the market, and what kind of businesses they run.Knowing this information can help you evaluate how to set yourself apart, as well as how to compete with them. This is a useful question to ask if you’ve been in business for a few years before creating your business plan.If it’s a new video business, then you can adapt the question to something like, “ Here’s a useful graphic courtesy of Finance New Mexico: The discussion that goes into this should be a very objective one.What especially helps is highlighting what could set you apart from what is already being offered among your competitors. By the way, before we go much further, when researching this article I found a great Video Production Business Plan Template, complete with example sections written out. Are you aware of who else is offering a similar service?If they’re reasonably local, or covering the same area as you, the you can consider them a competitor if they’re offering at least one of the same services as you.Whether you’re just starting your video company, or if you’re already established and looking for further funding, you might need to provide a video production business plan. This article will take you through the steps necessary to create your video production business plan, and also give you some pointers and guidance on the dos and donts, as well as important things to look out for when writing it.First, let’s look at the various situations in which you might need a business plan for your video company: Your situation might be one of the above, or any combination of them.And then work towards figuring out the details surrounding the central idea.The central idea in business plan terms is what’s called the Executive Summary.