A well thought out business plan will give you a road map. It should provide an overview of your objectives, plans, budget predictions, and sales and marketing strategies.
A well thought out business plan will give you a road map. It should provide an overview of your objectives, plans, budget predictions, and sales and marketing strategies. This will enable you to identify what success looks like and give you a one-stop document to present to potential investors, banks, suppliers and employees in the hope of garnering their support. You can also refer back to it at a later stage to review your learnings and progress.
A clear and concise business plan is essential; a clear focus and confident approach allows you to present your product or service, along with all its benefits, in a simple and easily digestible manner – perfect for investors and financial supporters. All elements need to be researched and backed up with evidence and conclusions, showing the reader that your business is on the path to success, development and sustainable growth.
The plan should set out:
- What your business is
- The products or services offered
- What solution you are solving
- Why your business is different
- Who are your target customers
- Your chosen method of interacting with customers
- How you arrived at your pricing strategy – do you want to be competitive or are you offering an exclusive unique service that customers will pay for.
Who are your customers?
Once you know who your customer is you will know where to find them and how to target them better.- Understand your customer – picture them in your head
- How old are they?
- What kind of jobs do they have?
- How would you describe their lifestyles?
- Are they already a customer to one of your competitors?
- Will they have a positive opinion of your product or service?
- What will make your offering stand out to them?
Get started and download a business plan template and how to guide here.
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