The last key element of an executive summary that investors will want to see is the progress that you’ve made so far and future milestones that you intend to hit.
Who else is providing solutions to try and solve your customers’ pain points?
What are your competitive advantages over the competition?
Often times, you may be dealing with “indirect competition,” which is when consumers solve their problem with an entirely different kind of solution.
For example, when Henry Ford was first marketing his cars, there was very little direct competition from other car manufacturers—there weren’t any other cars.
No matter what, you need to know who your customer is and have a rough Don’t fall into the trap, though, of defining the market as “everyone.” The classic example is a shoe company.
While it would be tempting for a shoe company to say that their target market is everyone who has feet, realistically they need to target a specific segment of the market in order to be successful.
Writing a business plan may seem like a big hurdle, but it doesn’t have to be. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think.
The rest of this article will delve into the specifics of what you should include in your business plan, what you should skip, the critical financial projections, and links to additional resources that can help jump-start your plan.
Your solution is the product or service that you plan on offering to your customers. How exactly does it solve the problem that your customers have?
Depending on the type of business you are starting and the type of plan you are writing, you may not need to go into too much detail here.