WESTFORT BUSINESS PLANNING
What makes you different?
It is a big world out there, and startups are constantly coming on and off the radar.
Chances are, there are multiple businesses out there who are already serving
the crucial need you outlined from question one. That does not mean you can not
serve it better, or serve it in a different way, but therein lies the
challenge—figuring out what makes you different.
First, you will need to acknowledge all the major players in your space, and this
is going to require some research. Acknowledge what they are doing right, what they are
doing wrong, and how they’re going about their business. Identify the differentiating
factor that will allow you to stand out, and emphasize it.
Who is your audience?
Here is a hint: the answer can not be everybody.
No matter how useful or practical your product or service is, there is
no way you are going to be able to sell to everyone in the world. Think
about factors like age, sex, education, geographic location, working status,
marital status, and perform some preliminary market research to determine the best path forward.
Your key demographic may evolve over time, so don not stay
too committed to one niche. Also remember, that it is easy
to expand to other markets once you have established yourself
in one, so if you have multiple key demographics, it
may be wise to focus on one to start things off.
How is your business going to make money?
This seems like an obvious question to answer, but you would be surprised
how many entrepreneurs fail to elaborate on their plan. The brief answer
to this question is sell products/services, but how are you going to sell?
Where are you going to sell? How much are you going to sell for?
The other side of the question is what are your operating expenses? Who are you going
to pay? What services or partners will you need to pay for? And ultimately, will the amount
you sell be able to surpass the amount you owe? When will you break even?
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