[Part 3] How to write a compelling business plan (2 of 3)

      Part 2 of our guide dives into the details of what to include in your business plan Part 2 of our guide dives into the details of what to include in your business plan     Hey  In Part 1 of How to write a winning business plan, we covered why you need a business plan and the best way to structure it.  Including these topics: - Value proposition - Market opportunity - Target market - Competitor analysis - Funding required - Sales and marketing - Financial projections? - Milestones - Your team So in this email we'll focus on the first four topics; what they mean and why they're important. Hey  In Part 1 of How to write a winning business plan, we covered why you need a business plan and the best way to structure it.  Including these topics: - Value proposition - Market opportunity - Target market - Competitor analysis - Funding required - Sales and marketing - Financial projections? - Milestones - Your team So in this email we'll focus on the first four topics; what they mean and why they're important. Your value proposition You set the scene of your business plan by opening with your value proposition. Think of it as your elevator pitch: a concise summary of your business offering. [The secret to crafting an effective value proposition is to be crystal clear and straight to the point about what your business does without using jargon or pointless buzzwords.](  Market opportunity Your business plan will be immediately rejected if you don't provide statistical proof of a sizeable demand for your solution. [Proof of a market opportunity means that your business has a high chance of succeeding.](  A comprehensive market research report is comprised of the following essential components: - Market definition - Who are your potential customers? - Geographic locations - Customer profiles - Market niche - Market opportunity size - Estimated number of potential customers - Percentage of market you will be focusing on - Is your market likely to grow? - Consumer segmentation Consumer segmentation identifies market opportunities and also helps refine your market identify. Your value proposition You set the scene of your business plan by opening with your value proposition. Think of it as your elevator pitch: a concise summary of your business offering. [The secret to crafting an effective value proposition is to be crystal clear and straight to the point about what your business does without using jargon or pointless buzzwords.](  Market opportunity Your business plan will be immediately rejected if you don't provide statistical proof of a sizeable demand for your solution. [Proof of a market opportunity means that your business has a high chance of succeeding.](  A comprehensive market research report is comprised of the following essential components: - Market definition - Who are your potential customers? - Geographic locations - Customer profiles - Market niche - Market opportunity size - Estimated number of potential customers - Percentage of market you will be focusing on - Is your market likely to grow? - Consumer segmentation Consumer segmentation identifies market opportunities and also helps refine your market identify. Customer persona Target market / Customer persona Some business plans include a customer persona chapter while others choose to reflect these details in the "target market" chapter. A customer persona profile maps out all of the different characteristics of your ideal customer. Things like: - Age - Place of residency - Gross income - Number of dependants - Types of pets Competitor analysis Competitor analysis should be something you perform as early as possible, [to help you decide whether your venture is even worth pursuing.]( You may find that the competitor field is much too fierce and the bar for your solution set much too high.  Tomorrow, we discuss the remaining 5 topics, completing this guide on How to write a winning business plan. Target market / Customer persona Some business plans include a customer persona chapter while others choose to reflect these details in the "target market" chapter. A customer persona profile maps out all of the different characteristics of your ideal customer.  Things like: - Age - Place of residency - Gross income - Number of dependants - Types of pets Competitor analysis Competitor analysis should be something you perform as early as possible, [to help you decide whether your venture is even worth pursuing.]( You may find that the competitor field is much too fierce and the bar for your solution set much too high.  Tomorrow, we discuss the remaining 5 topics, completing this guide on How to write a winning business plan. [Start your business]( Start your business with a custom made logo   [Start your business](   [Facebook]( [Twitter]( [Instagram]( [YouTube]( [apple store]( [google play]( [Facebook]( [Twitter]( [Instagram]( [YouTube]( [apple store]( [google play]( © 2022 Freelancer Technology Pty Limited. All Rights Reserved. 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