Written by Burke Franklin, Founder and CEO, JIAN
We talked last week about the beginning sections of your business plan. If you haven’t read it yet, click here to catch up. This is part 2 of 3, so make sure to check back with us soon.
7. Company Overview– Give readers the basic information on your business. Describe your company and its organization. Give the legal name, form, current stage of development, etc.
8. Products and Services Strategy– Describe what you will do and how you will do it. Tell readers about your products or services and why you chose to or plan to develop them. How are they made, priced and delivered? Use this section to review your current product or service and set you apart from the rest. Include your future research and product development plans- but don’t go crazy- outline your plans, but save the demo for requests only.
9. Market Analysis– Present research and conclusions about the industry you will serve. Who are your customers? Who are your competitors? Why will your products or services compete and excel? This section will help you to understand your market and see the demographics and psychographics of your target customers. You’ll learn more about your competitor’s products and services, and both business and environmental risks. Who is going to buy from you? Why will they choose you over someone else? Find 10 prospective people or companies and find out what they need and what problems they are having. Can you bridge this gap? How?
10. Marketing Plan and Strategy– Sure, the world will “beat a path to your door”… but only if they know who you are, what you’ve got and how to reach you. How are you going to create awareness, interest and demand? Base your answers on your market analysis and other plan data. Explain how you will actually sell your product to those customers. Include information on selling methods, distribution channels, advertising and promotions, pricing and profitability, public relations and business relationships. How will you use the reader’s money to efficiently market your product to your customers? This is not something that can be put off: this strategy is not only a key component of your plan, it will help define your business from now on.
