and growth. Build and test your business model against these considerations and you can be sure to develop a strong factual foundation for your business plan. 3. identify your target market Your business plan needs to clearly delineate that group of ideal customers who will be willing to buy your product because it will help them solve a specific problem. Consider your business from their perspective for a moment and ask yourself what makes you special in solving this problem for them. If you can’t answer this question, you should reevaluate your target market or your product. Before targeting your customers, you need to have a clear idea about what they need and how you’re going to address this need in your offer. Paint a picture of your ideal customers and you’ll see whether the product you offer is really the most attractive alternative your client can choose from. If you’re not sure, you should use a different strategy to define your target market and test it against this question until you get it right. 4. test your idea Get out there and start talking to people about your idea. Without solid feedback from industry experts, potential clients and other entrepreneurs you won’t have the certainty that there’s a market for your product. Asking for honest feedback about your product before writing your business plan will help you to clarify your business idea and get a sense of the size of your potential market. Also, you’ ll get key insights about your competitors which are essential for accurately positioning yourself on the market. On top of that, conduct a SWOT (strengths, weaknesses, opportunities, threats) analysis of your offer to check what are the potential opportunities and risks you could be facing when conducting your business. Take these 4 steps before setting out to writing your business plan and you can be sure that whatever you come up with will be firmly grounded in market reality and make a convincing business case. Written by: Frank Mud Not just a Realtor®... but YOUR REALTOR® Carla J. Meeks I am ready when you are! Build • Buy • Sell • Invest homesbycarla.net | carlameeks@gmail.com Web Pro Realty LLC. 863-604-9287
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