February 7

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How To Start A Business Plan

By Entrepreneurcoach

February 7, 2021


How To Start a Business Plan

3. First Things First

You’re probably wondering how to even begin writing your business plan. Don’t sit there staring at an empty screen, waiting for the business plan to just magically appear. You’re going to be waiting a long time, so you might as well continue reading while you wait. Now stand up, because before you  even sit down and write a single word of your business plan, you need to address the following 7 questions.

1.   What Are You Selling?

This is as straightforward as you can get. Most Likely this is the first thing you figured out before starting your new business. Now you want to get as specific as possible. 

This question is more about all of the aspects of sales. You’re not selling a product; you’re

selling a solution to a problem. What problem does your product or service solve in order to make life easier?

You can also plan to upscale to the point where you’re providing not only a service but selling them an experience. This is the way that some of the biggest businesses out there have succeeded.

There is a huge difference between “selling a car” and “selling a Lamborghini”. The best way to narrow it down is to know who your demographic is.

2.   Who is Your Customer? 

Knowing who you’re trying to sell to, is just as important as knowing what you are selling, if not more so. As mentioned earlier, without this step you are essentially driving blind.

If you are not sure about the marketing aspect and you can afford it, hire a marketing team to do the research for you. They have access to resources you don’t have, and they can help create your marketing plan.

If you’re doing the dirty work yourself, here are some ways to make the research less mind numbing and more attainable.

Ask as many people as you can about your product (the more diverse the better). Your family, friends, business associates, etc.

Figuring out this information is easy if you know what questions to ask. Examples of good questions are.

“Would you buy/use this?” or “How would this product benefit you?”. 

You want to ask questions that directly affect your product/service. 

You can also make online surveys or bring in people off the street for product reviews. This 

information can help you with creating customer avatar (Which we will discuss in the next chapter, but for now let’s return to your previously scheduled program.)

Entrepreneurcoach

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