Tue, October 15, 2019

Simple and Effective Business Plan – Customers

funny image of business plans
DEFINING YOUR MARKET (Customers)

Every business plan has a section called “Market Analysis.” Basically, you want to show that you have thought through all potential customers. Cover things like things like your target market, uniqueness of your business as well as your competition.

TARGET MARKET:
Here is where you want to identify your perfect customer. You can go as simple as telling an age and gender or you can get much more complicated. We know everyone will love your product or service, but who specifically would like it better. Is it for guys that are between the ages of 14-17 or is it for 17 year old guys who play World of Warcraft and are likely to be involved in paintball, ROTC or LARPing? The more specific you can be in your description, the better you will understand who you are trying to reach.

UNIQUENESS:
This one should be simple. You are doing your business because you found an new idea or you have improved on another business that is already out there. The fact that you own it does not make it unique and the fact that you are a teen may or may not help your concept. Tell exactly why you think your business can do something better. Your ‘unique selling position’ is what sets you apart from all the other businesses in your category. You can include SWOT’s in this section if you want.

COMPETITION:
This section takes a bit of research; however, with the Internet today it is much easier. Look at the other companies that are doing things similar to yours. Find out what they do well and see if you can match that. Find out what they do not do well and tell us how you can do better. They may have quick sales and shipping, but have a poor customer service. They may have great prices, but their quality is low. You will want to see how you measure up before putting too much time and energy into a business that could lead to a huge battle.

MAKE IT HAPPEN:
You should have done your Executive summary section, if not, go back and do that first. Now, take out a paper and set up your ideal customer. Look at magazines, search online, go to where those kind of people hang out. Get a good grasp on who your customers will be. The more you know your customer, the better your business can meet their need and become successful.

Everyone needs a target. If you aim at nothing, how will you know if you have hit it? Completing your Market Analysis helps you know what kind of customer your business fits best. It helps you to put focus into the things that make you more successful quicker. You may loosen up some areas or define a new target later, but having something to aim at means you are aiming for success.

Continue through “Simple and Effective Business Plans” here:

The Simple and Effective Business Plan
Introduction
1. The Business Idea – Concept
2. Defining The Market – Customers
3. Sending Your Message – Marketing
4. Creating Your Future – Forecasting
5. Communicating About Money – Financials

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