Anatomy of a Business Plan: A Step-By-Step Guide to Building by Linda Pinson

By Linda Pinson

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By Linda Pinson

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Additional info for Anatomy of a Business Plan: A Step-By-Step Guide to Building a Business and Securing Your Company's Future, 5th Edition

Example text

If you take the time to read and study it, you will learn the “Four Rules of Target Marketing”—or how to narrow your target market by making two important decisions: which customer needs you will satisfy and who the specific customers are to whom you wish to sell your product or services. 42 Anatomy of a Business Plan, Chapter 5, Part II: The Marketing Plan Research Your Competition Who is competing with you? After you have identified your target market, it is important to discern what other companies are after the same market.

2. Know your niche. What type of individuals and/or businesses do you plan to serve? ), then try to be very specific. Spell out the demographics first—age, sex, income, etc. Then you can move on to psychographics, or lifestyle considerations. When you clearly define the population you hope to sell to, you’ll have a better view of what services they require. Where do they spend their free time? What activities are they involved in? How do they spend their disposable income? This information leads you to details about what they read (therefore, where you’ll want publicity and advertising coverage), where they hang out (for promotions and appearances), what they watch and listen to (if television and radio spots are on your mind).

If you have a Board of Directors or Advisory Board, tell who they are and what they bring to the table that will further your company’s goals. Management and Personnel Your management and personnel needs will be determined by the capabilities of the business owners, by the amount of time they will be able to commit to the business, and by the demands of the marketplace. Small businesses usually start up with the owners doing most of the work. As the business becomes larger and sales increase, your management and personnel needs will also change.

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