This is where you will look at the market, the industry itself, customers and competitors.
You will also have to look at the needs and the benefits of your customers and the various current products and services which are being made available to you.
You will have to really look at all the strengths and weaknesses of each competing like business in your area and try to find any opportunities for you and your ideas in the marketplace.
All of these steps will be largely aimed at helping you create your business strategy.
The second half of the business plan is going to be used to execute your selected business strategy.
Your pharmacy’s products and services, your marketing and your operations should all closely relate to your strategy.
Therefore, whilst it might be easy for you to choose a well thought out strategy for your plan, we would personally recommend that you give a lot of thought to the strategy that will set the course for your business.
Try To Think In A Competitive Manner
In these days’ crowded marketplaces, you're probably going to find yourself faced with serious competition no matter how creative and original your own business concept will be.
This is why you are going to need to think as competitively as you can throughout your entire business plan.
You will need to be able to identify realistically where you will do things in a similar manner as your competitors, as well as where you will do things differently.
You will want to acknowledge where you have real strengths and where you have real weaknesses.
You should also fully understand that in order for you to try to run a major aspect of your business in a significant manner and better than your competitors, which might be a very difficult challenge; especially since there are so many of them out there today.
Due to this, you are better off if you focus your planning on being different than your competition rather than just on competing with them in a less direct manner.
For instance: Can you find a specific market niche to focus on?
Can you find a unique strategy for you to build your business on?
Try To Be Realistic With Your Goals
Many business plans might sound good on paper, but might not function at all when they are used in the real world marketplace.
It is often very difficult to attract people to a new business when there are so many which are out there already.
Just because it is better doesn't imply that people are going to switch to it because most of us have been going to the same businesses in our communities for our entire lives.
People or companies have established certain buying patterns and are currently doing business with someone else.
In order for you to get them to do business with you, you are going to need to do more than the others do in order to attract them to your place of business instead.
Basically, you've got to steal them away from someone else's business, so be ready for this.
It's also quite possible that when you enter the marketplace, that your competitors might react with their own new products or services or by cutting their prices or offering even more or similar strategies as yourself.
You will need to know that although it might be easy to overestimate sales projections it is just as easy to underestimate how much it will cost to run it also; especially for a business which is just beginning.
There are always going to be heavy amounts of cost overruns, expensive problems, and specialty items that you will need that you might have simply overlooked.
So you will want to be most conservative and try to have an extra lot of money hidden away just in case you might need it.
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