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Immediately following your target market section, you should describe your competition.Who else is providing solutions to try and solve your customers’ pain points?
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.
There are four main chapters in a business plan—opportunity, execution, company overview, and financial plan.
What are your competitive advantages over the competition?
to easily compare their features against their competition.
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.
Perhaps they need to target athletes or business people who need formal shoes for work, or perhaps they are targeting children and their families.
You can always use the appendix of your plan to provide the full specs if needed.
Writing a business plan may seem like a big hurdle, but it doesn’t have to be. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think.
Business plans are an important part of creating new businesses, whether as a startup or an offshoot of an existing business.
Business plans for startups are often shared with funding agencies, potential investors and venture capitalists to obtain the necessary funding.