For example, if you operate an Italian restaurant, a French restaurant would be an indirect competitor.In this section of your business plan, outline who your indirect competitors are, and their strengths and weaknesses.And, when you follow the outline below, you ensure your business plan is in the format that prompts investors and lenders to take action.
6 - Customer Needs In this section of your business plan, specify why customers want or need your products and/or services.
For example, do customers care most about speed, quality, location, reliability, comfort, price, value, etc.?
Section VI - Marketing Plan Your Marketing Plan section has four sub-sections as follows: 10 - Products & Services Here is where you give the details of the products and/or services your company offers. In particular, discuss how your pricing relates to competition. 12 - Promotions Plan Your promotions plan details the tactics you will use to attract new customers.
For example, you might choose radio advertising, or online pay-per-click ads, or press releases, and so on.
For example, if you are a restaurant, you would include the size of the restaurant market, a brief discussion of sectors (e.g., fast food versus fine dining) and market trends.
4 - Relevant Market Size The relevant market size is a much more specific calculation of your market size.Section IV - Customer Analysis Your Customer Analysis section has two sub-sections as follows: 5 - Target Customers Your Target Customers section precisely identifies your current and/or intended customers.Include as much demographic data on your target customers as possible, such as their gender, age, salary, geography, marital status and education.It is the annual revenue your company could attain if it attained 100% market share.Your relevant market size is calculated by multiplying 1) the number of customers who might be interested in purchasing your products and/or services each year and 2) the amount these customers might be willing to spend, on an annual basis, on your products and/or services.It can also help to convince customers, suppliers and potential employees to support you.This sample business plan template contains detailed step-by-step instructions on how to create a complete business plan.A business plan is a written document that describes your business.It covers objectives, strategies, sales, marketing and financial forecasts.Also, to help you out, here is my proven business plan template, that allows you to quickly and easily complete all the sections of your business plan.Section I - Executive Summary 1 - Executive Summary The Executive Summary is the most important part of your business plan.