Both of these fall under the market research category of your business plan.
Once you figure out who your competitors are, it will be easier to determine how your company will be different from them.
Before you start seeking legal advice, renting office space, or forming an LLC, you need to put your thoughts on paper. You’ll also be able to share this plan with others to help you get valuable feedback.
I don’t recommend starting a company without consulting people first.
You’ll cover that in greater depth as you write the rest of your business plan.
Keep in mind, this description is a summary, so there’s no reason for you to write a ton.
To figure out your target market, start with broad assumptions and slowly narrow it down.
Typically, the best way to segment your audience is using these four categories: As I said earlier, start broadly.
A reason for opening could be that you identified that no other restaurants in the area serve the cuisine you specialize in.
You can briefly discuss the vision and future of your startup company, but you don’t need to go into too much detail.