This section of the business plan should cover at least the following items:
- Target market
- Product
- Competitors
- Marketing
- Sales
- Customer support
Target market
In this section, you should write answer to at least the following questions:
- What is your target market?
- Who is your ideal customer?
- What are their problems?
- How much are they willing to pay for a solution?
Product
In this section, describe the product or service you will be offering in the market.
- What product or service will you be offering?
- How does the product or service solve the customer’s problem?
- How will you price your product or service? (and where is this price relative to competitors?)
Competitors
In this section, describe your competitors and how your business will compare to theirs:
- Who are your competitors?
- What products and services are competitors offering?
- How are your products and services different from competitors? (focus on features and quality here, not on price)
- What are your competitive advantages?
Marketing
In this section, describe your marketing plan:
- How will you reach your target audience? Trade shows, newsletters, TV ads, online ads, direct mail, etc.
- What is the story you want to tell your target audience?
- How will you position the product in your audience’s mind? (cheap vs expensive, basic vs luxury, mass-produced vs boutique or custom, boring vs exciting, ultra reliable, amazing customer service, etc.)
- What do you need to teach your target audience about your brand? (hip, serious, wise, strong, bold, calm, etc.)
Sales
In this section, describe your sales plan:
- Where will your customers buy your product or service?
- What will be the sales process?
- How will they pay for your product or service?
- What will be your upsells and cross-sells?
Customer support
In this section, describe your customer support plan:
- Will you offer customer support?
- How will customers reach you for help?
- How will you react to unsatisfied customers?
- How will you react to satisfied customers?
Compass
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Continue to Business Plan – Operations.