https://ridgemonkey.co.uk/general/jv1ijdb Every business (startup, existing business, non-profit) should have a business plan – and, in fact, even individuals should have a business model & a plan for themselves. The reason is because

https://www.maiseyyates.com/2023/05/03/9znweot (1) writing it down makes your idea concrete, and (2) it is the first step to business success. 

https://discoversiloam.com/uncategorized/4q0gcb9km

Here are some key elements of a business plan:

  1. https://patrickearlhammie.com/i6pyyki8b Target Audience: Who is the customer? Is this customer new or different from your existing customer?

    https://www.maiseyyates.com/2023/05/03/jbfhs4o

  2. https://pawse.ca/2a9d5df Value Proposition: Why should the customer care about your product? What customer need/want does your product satisfy?

  3. https://www.georgejon.com/news/glahx5k Customer Experience: Does the product meet the customer experience promise? Does this customer experience help build/maintain your brand?

  4. Product Description: How will you describe the product to the customer? Is it a service, solution, resource or something else?

  5. https://www.daveburchett.com/2023/05/03/burwncz Target Market: What is the overall market size and growth rate? What are analysts saying about the target market?

  6. Competition: How is your product different from the competitor? How will you describe this difference to the customer?

  7. https://www.janneysound.com/ftqsx8vf1z Pricing & Revenue Model: What price will the customer pay? What do your revenue projections look like over 6 months, and up to a 5-year period?

  8. Sales: Who is selling the product? How are they selling it? How are they getting compensated to sell it?

  9. Marketing: Who will market your product? What tactics (traditional or new) will they use? How will they work with your sales team?

  10. Customer Service & Operations: Who will make sure customers are getting the support? Who will make sure that underlying infrastructure supports the end-to-end customer experience?

If you have written a business plan, you know writing one is both is an art and a science. I say art because writing a simple and clear business plan takes time and clarity, and science because you need the data/numbers to support your claims. If you already have a product, service or a solution, then don’t fall into the trap of “we will build it and they will come” – answer these 10 question areas today, and create your roadmap by writing down your plans.