Essential Elements of the Business Plan
Here are the essential elements of the business plan used to ensure success:
Here’s what to consider when defining your value proposition:
- Define the product you’re trying to sell.
- Write a list of other brands who are offering similar products.
- For each of those brands, pretend you are a loyal customer and take note of what you think they are — and aren’t — doing well.
- As you conduct your research, be on the lookout for market gaps — or areas that those businesses aren’t serving.
To figure out your ideal customer, ask yourself:
- Who exactly are you trying to target?
- Why would they be interested in your products?
- What does a normal day look like for them?
- What makes them happy?
- What frustrates them?
- What do their finances look like? For example, what are their typical purchases, and how much do they spend on those items?
- What makes you different from other brands? How do you better serve your ideal customer? Once you have a solid understanding of what differentiates you, you’ll have the crux of your business figured out.
- How will you service all of your customers repeatedly?
- How much money will you need to do that?
- How will you scale your business to an increasingly high volume of customers?
- How will you leverage their interest and loyalty to build your audience further?
Consider these aspects when coming up with a social media marketing strategy:
- What platforms will you post on, and when? My recommendation is to post on more than one platform (i.e., Facebook, Instagram, Linked in, TikTok) at least three times a week on each.
- What content will you post? How will it provide value to your target audience, or grab their interest?
- How much time will you spend engaging directly with comments? I suggest setting aside as much time as possible to give your followers one-on-one attention.