Perhaps they need to target athletes or business people who need formal shoes for work, or perhaps they are targeting children and their families.
Who else is providing solutions to try and solve your customers’ pain points?
What are your competitive advantages over the competition?
Investors look for great teams in addition to great ideas.
Use this chapter to describe your current team and who you need to hire.
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.
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.
Your solution is the product or service that you plan on offering to your customers. How exactly does it solve the problem that your customers have?
Depending on the type of business you are starting and the type of plan you are writing, you may not need to go into too much detail here.