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.
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.
Again, this shows you’re knowledgeable about the industry and market.
It will also be helpful when you write your marketing model further below.
This is a bite-sized description of your business that explains your unique approach AND leaves the reader’s mouth watering.
Here’s an example from a winner of Geek Wire’s 2012 one-sentence pitch competition: The rest of your executive summary should briefly explain your company’s story and introduce your specific products/services/locations.
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.
Explain your accomplishments so far, and outline what you hope to achieve in the near future. For example, framing your business as a “More than 40% of the United States is rangeland used for livestock, and the top concern of the ranchers who tend to them is ensuring an adequate supply of water…
Every day, the rancher checks the water levels of his or her 20 to 30 water tanks.”So begins the business plan of Barn Owl Systems, a finalist in the 2016 Wharton Business Plan Competition.