If your city doesn’t have a good pizza shop, this can be just as much of a “problem” – at least, in the context of a business plan.For evidence, cite specific conversations you’ve had with residents that expresses their interest for the type of product or service you’re providing.
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.
One of the biggest mistakes entrepreneurs make in the early stages is to solve a problem nobody has.
Taking some time to explain the problem with factual evidence shows you’ve done the research.
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.If you want a fast and easy way to make a business plan, check out Live Plan.It walks you step-by-step through building a one-page business plan using prompts, definitions, and video and text tutorials.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.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.The exception is if you’re presenting to an investor, customer, or potential partner/employee.In these scenarios, you need a complete and up-to-date business plan that follows a standardized format.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.