One of the biggest mistakes entrepreneurs make in the early stages is to solve a problem nobody has.
Or, simply write a narrative that shows how your product can improve somebody’s life.
Describe your target customer based on personality type, income level, age, gender etc.
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.
Here’s all the common ways entrepreneurs write business plans today: Regardless of the medium you choose, or whether you’re writing a one-page or full-length business plan, there’s 9 key components all business plans include.
While all of these should be considered, you may emphasize, skip, or move around some sections depending on your particular situation: The first part of your business plan is a brief summary of your business: Start it off with your 1-sentence pitch.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.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.Getting specific about your target market shows self-awareness.Claiming your target market for Bob’s Pizza Shop is is a bit more assuring, especially if you go on to explain how your zip code has a high concentration of this demographic.Try it free for 60 days and then expand your one-page plan into a full business plan using the same process plus over 500 sample plans for inspiration. A business plan takes all the key considerations of your business, from your 1-sentence pitch to your revenue model, and puts it in a single neat document.Whether you’re a new, established or evolving business, everyone needs to have these answers prepared and reevaluated over time. Even though your business plan is something you’ll reconsider constantly (such as, when competitors come and go), it’s not always necessary to put it down on paper.In order to explain how your business “solves” the problem, you may need to get more detailed.Consider a separate section that highlights the “front-end” of your products/services – in other words, how your product appears to and is used by consumers.