Along with describing your target customers, you should outline the other businesses that exist in your space.
Although every entrepreneur dreads to reveal their potential challenges, comparing yourself to competitors drives the point home on what makes you unique and advantageous. It’s incredibly rare for a business idea to be so unique that there are no existing competitors.
Next we’ll get into the different mediums you can use to write your business plan (), then provide a business plan template that covers each component to include.
A traditional 20-30 page paper business plan is generally only needed when requested from a bank or investor.
If you’re selling a physical product, you can take a different approach and simply display your product with arrows pointing to all the unique features.
Other ideas include a “before/after snapshot,” which illustrates how consumers went about a problem before and after the introduction of your product.
It continues to explain how their product uses remote sensors to track water levels, thus relieving a great burden for ranchers.
Explaining your business in terms of a problem and solution is necessary to prove why your idea matters.
Companies who write a business plan are more likely to improve over the following year compared to companies that don’t.
We’ll go over the 9 key components of a business plan and how to write your own from start to finish.