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How do their lives improve after you solve that “pain point” for them?We recommend actually going out and chatting with your target audience first. This is crucial information for determining whether or not your business will succeed long–term.If you claim sales figures twice as large as the competition, for example, they may well think you're not being realistic.
Don't "oversell" your company with inflated financial projections and pumped-up sales figures.
Businesses that have invested in young companies have been around the block a few times and have a general understanding of what's realistic.
Being overly technical and overly descriptive can add unnecessary copy to your business plan and keep readers from focusing on what really matters, like your company's organizations and how your product or services will sell in your market.
Good grammar and spelling are absolutely imperative in a business plan.
Also, how will you market your product or service to customers?
These are the questions you'll need to answer in this section. Company funders consider this the most important section of your business plan, so be thorough and as accurate as possible in presenting financial data to your readers - they'll be pouring over every word and every digit to judge whether there's a good business opportunity here or not.
That way, you can validate that you're solving a real problem for your potential customers. For example, if the problem is that parking downtown is expensive and hard to find, your solution might be a bike rental service with designated pickup and dropoff locations. Never assume that your target market is “everyone.” For example, it would be easy for a barber shop to target everyone who needs a haircut.
But most likely, it will need to focus on a specific market segment to reach its full business potential. Your customers are likely turning to an indirect competitor that is solving their problem with a different type of solution.
Here's a quick overview of the step–by–step process we guide entrepreneurs through when they sign up for Live Plan.
Detail exactly what problem you are solving for your customers.