Once you have described your target market’s problem, the next section of your business plan should describe your solution.Your solution is the product or service that you plan on offering to your customers. How exactly does it solve the problem that your customers have?
This is also the time to toot your own horn about your past successes.
Describe your target market and your marketing efforts toward them.
You can always use the appendix of your plan to provide the full specs if needed.
Writing a business plan may seem like a big hurdle, but it doesn’t have to be. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think.
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.
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.
People who read your business plan will already know a little bit about your business because they read your executive summary. For a business with a physical location, perhaps there aren’t any existing solutions within reasonable driving distance.
Evangeline Marzec is a management consultant to small high-tech companies, and has been in the video games industry since 2004.
As a published writer since 1998, she has contributed articles and short stories to web and print media, including e How and Timewinder.