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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.
Learn more about target marketing in But if you selling to other businesses (B2B), you may have a few key customers that are critical to the success of your business, or a handful of important customers that are trend leaders in your space.
If so, use this final portion of your target market chapter to provide details about those customers and how they are important to your business’s success.
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.
Perhaps they need to target athletes or business people who need formal shoes for work, or perhaps they are targeting children and their families.
Use this chapter to describe your current team and who you need to hire.
You will also provide a quick overview of your legal structure, location, and history if you’re already up and running. Because once you know the details of your business inside and out, you will be better prepared to write your executive summary.
But this chapter is still hugely important because it’s where you expand on your initial overview, providing more details and answering additional questions that you won’t cover in the executive summary. Defining the problem you are solving for your customers is far and away the most critical element of your business plan and crucial for your business success.
If you can’t pinpoint a problem that your potential customers have, then you might not have a viable business concept.
If you can show that your potential customers are already interested in—or perhaps already buying—your product or service, this is great to highlight.
You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company.