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If so, use this final portion of your target market chapter to provide details about those customers and how they are important to your business’s success.Immediately following your target market section, you should describe your competition.
Accommodate your investors, and keep explanations of your product simple and direct, using terms that everyone can understand.
You can always use the appendix of your plan to provide the full specs if needed.
If you can’t pinpoint a problem that your potential customers have, then you might not have a viable business concept.
Once you have described your target market’s problem, the next section of your business plan should describe your solution.
You’re most likely targeting a specific market segment such as “style-conscious men” or “runners.” This will make it much easier for you to target your marketing and sales efforts and attract the kinds of customers that are most likely to buy from you.
If you are writing a business plan to get a bank loan or because you’re asking angel investors or venture capitalists for funding, you must include the details of what you need in the executive summary.Because your executive summary is such a critical component of your business plan, you’ll want to make sure that it’s as clear and concise as possible.Cover the key highlights of your business, but don’t into too much detail.You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company.In that case, you can dispense with details about the management team, funding requirements, and traction, and instead treat the executive summary as an overview of the strategic direction of the company, to ensure that all team members are on the same page.Often times, you may be dealing with “indirect competition,” which is when consumers solve their problem with an entirely different kind of solution.For example, when Henry Ford was first marketing his cars, there was very little direct competition from other car manufacturers—there weren’t any other cars.No matter what, you need to know who your customer is and have a rough Don’t fall into the trap, though, of defining the market as “everyone.” The classic example is a shoe company.While it would be tempting for a shoe company to say that their target market is everyone who has feet, realistically they need to target a specific segment of the market in order to be successful.to easily compare their features against their competition.The most important thing to illustrate in this section of your business plan is how your solution is different or better than other offerings that a potential customer might consider.