Throughout my career, I have been on both sides of the business planning process -. As an author and as an expert
As a writer, I know it's hard to edit your own plan. Your business is your baby. You're too close to it and can not really be objective. Also, what makes you a lot of sense, can not sense for potential investors, lenders or partners.
, it is why is so important to have someone with fresh eyes, which is not attached to the business or to you to check your plan.
As a reviewer, I have feedback provided to experienced hundreds of clients and I have some common mistakes. Here are some tips to correct them:
not underestimate the competition
Every business has competition .. consider not only direct competitors, but also identify indirect competitors. Think. On the needs that meets your product and / or service and then consider other options that can meet your customers these needs
not just be like everyone else.
clearly distinguish itself from the competition. What is your Unique Selling Proposition or competitive advantage? Exactly how your business is unique - in a way that is to your target market a role? Why would people buy from you instead of someone else?
Do not think you want to sell at all.
segment your market in primary and secondary markets. Define who your a is primary target market. Then define your secondary target market (s), but be precise and do not fall to say, it is who is left in the case.
Not assumptions.
Do your homework to determine the viability of your business concept. Use access secondary research first published sources and then supplement your results with primary "getting-out-there-and-talking-to-people" research such as interviews, surveys and focus groups. If this task seems overwhelming, you might want our StartSmart 3 participate -. Market Research Seminar or to lead to our market research consultant you through the process
Not only cite a number of high talk -level statistics.
Apply your research to your marketing plan. Once you have thoroughly researched your market, to be sure, show how you will support your results your business. Based on the knowledge of your industry, target market and competition, what marketing strategy would lead to the most effective sales?
You would find that there is really an adequate market for your products and / or services, and your business to make money. You do not want to jump in and hope that you will be able to swim.
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