Describe A Business Plan

Describe A Business Plan-87
While it would be tempting for a shoe company to say that their target market is everyone who has feet, realistically they need to target a specific segment of the market in order to be successful.Perhaps they need to target athletes or business people who need formal shoes for work, or perhaps they are targeting children and their families.The opportunity chapter of your business plan is where the real meat of your plan lives—it includes information about the problem that you’re solving, your solution, who you plan to sell to, and how your product or service fits into the existing competitive landscape. Maybe the existing solutions to your customer’s problem are very expensive or cumbersome.

Cover the key highlights of your business, but don’t into too much detail.

Ideally, your executive summary will be one to two pages at most, designed to be a quick read that sparks interest and makes your investors feel eager to hear more.

Business plans are an important part of creating new businesses, whether as a startup or an offshoot of an existing business.

Business plans for startups are often shared with funding agencies, potential investors and venture capitalists to obtain the necessary funding.

But this chapter is still hugely important because it’s where you expand on your initial overview, providing more details and answering additional questions that you won’t cover in the executive summary. Defining the problem you are solving for your customers is far and away the most critical element of your business plan and crucial for your business success.

If you can’t pinpoint a problem that your potential customers have, then you might not have a viable business concept.

If you’re a shoe company, you aren’t targeting “everyone” just because everyone has feet.

You’re most likely targeting a specific market segment such as “style-conscious men” or “runners.” This will make it much easier for you to target your marketing and sales efforts and attract the kinds of customers that are most likely to buy from you.

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Accommodate your investors, and keep explanations of your product simple and direct, using terms that everyone can understand.

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