Your readers will want to know that your team has the skills and qualifications to implement what you have outlined in the business plan. HubSpot Tip: Though you want to mention some competitors, make sure the focus is on your business and how it will serve your target customers.
What distinctive competencies or offerings do you offer that other companies do not? Identify what defines your product/service in the marketplace. You should identify and describe your major competitors in this section, as well. Who do you expect to buy your product/service? How big is the market? How fast is it growing? Will your product/service be a major factor in the market?ĭefine your target customers. HubSpot Tip: Note the key factors for success in this industry, and show that your company has them.īased on the market research that you previously conducted, provide an explanation of the market in which your business will reside. Are there other companies providing the same good/service that you will be offering? If so, are customers likely to switch to your product/service? How do you compare with your competitors? Then think about your business’ competitive advantage. What are the barriers to entry (e.g., high production or marketing costs, tariff barriers, regulatory challenges, extensive training)? How is the industry progressing? What is changing? In this section, you’ll want to talk about the key environmental trends in your industry. HubSpot Tip: Be sure to include your value proposition in this section – describe how your service/product is attractive to customers. Consider capturing this in a simple table like the one below. You should also include a description of the features and benefits of your product/service to your customer. You can include diagrams or pictures to help illustrate your offering. How did this need arise and why has it not been filled yet?Įxplain how you identified the need and how your product/service will meet it.ĭescribe your products/services here. You will have plenty of time to talk about the details of your company and the business opportunity later in the document.ĭescribe the need in the market that your business idea will fill. You will delve more deeply into this later. Note some of your company’s main strengths and briefly explain where you fit into the industry. What product or service do you provide? Who are your customers? Do you have a geographic focus? If so, where?īriefly describe the industry, the opportunities it offers, and the growth it is experiencing. What is your company’s mission statement? What are your goals and objectives? This is a good place to talk about why you do what you do. Include the company’s name, what type of entity it is, who owns it, and note any significant assets. Provide a description of your organization.
It should summarize your entire business plan in a page or two (at most). HubSpot Tip: Write this section last, after you have written all of the other sections. How will you roll out your new business? What is the expected timeline?įinally, close this section with a clear, pithy explanation of your project, why it is needed, and how it will benefit future customers and investors. Next, you should move into a description of how you will implement your business plan. You’ll need to explain the kind and amount of investment that you need, what you will use the money for, and how you envision your business becoming profitable. You don’t need to go into detail here, but you should provide enough information to illustrate the marketing methods you will use and how you will attract new customers.ĭescribe the cost structure and financial aspects of the business. Then, describe how you will promote your new product/service.
Next, move into a description of how your business will operate on a day-to-day basis. Explain your value proposition, and give an overview of the market.īriefly describe your management team to help potential investors understand the skills and experience your company brings to the table. Tell readers what product or service you plan to offer, how it fits into the industry you’ll operate within, who your target customers are, and what you expect from the market in the future. Explain your project from the broadest to most narrow context. Then, move into a description of the opportunity. Tell the reader why you have embarked on this new venture.
Begin with a brief description of your company to give background and context.
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