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.
You will also provide a quick overview of your legal structure, location, and history if you’re already up and running. Because once you know the details of your business inside and out, you will be better prepared to write your executive summary.
After all, this section is a summary of everything else you’re going to write about.
The last key element of an executive summary that investors will want to see is the progress that you’ve made so far and future milestones that you intend to hit.
If you can show that your potential customers are already interested in—or perhaps already buying—your product or service, this is great to highlight.
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.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.Who else is providing solutions to try and solve your customers’ pain points?What are your competitive advantages over the competition?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.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.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.