By Tjitte de Werd at May 05 2019 20:39:19
That is a great thing to make sure you have in your business plan, that your business will be built around those real customer wants. Do not make callous assumptions, or statements like "I know what people want", "People are going to love this", and so on. Have you done your research? Do you really know that the people you will be targeting want your product / service, and crucially do they want it AT THE PRICE that you will be offering it at? Whilst confidence in your plan is fantastic, you must make sure that it does not lead you down a blind alley along a path that is not desired by your target market. Don't assume what customers want, do your research and make sure that is clear from the start in your business plan.
Obtain Feedback On Your Plan _ When writing a business plan you sometimes end up locking yourself away. You might have unique ideas which lead you to seek some isolation and secrecy, or if you are going to be a sole trader you may only have one person to consult namely yourself. But it is fantastic to try and get broader input on your business plan _ whether from a professional, or simply from friends and family whom you trust. I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.
Next you will need to carefully examine what actually goes into your offering. How many hours does it take to create those one_of_a_kind bracelets? How much does it cost to bake a dozen of your special recipe cookies? How much research goes into "whipping up" a website? Making tangible goods requires space. Do you have room to grow enough squash to actually generate profits? Are these numbers you could sustain beyond the occasional personal or family use of your product or service?
They are like fingerprints; no two are alike, even within the same organization. One further point, opinions about what makes a good finished product are like noses_everybody has one. The ones that work and prove to be executable are the best. With this in mind, let me offer my views about business plans at a macro level having written a sizeable number of plans for internal and external applications. One other point, a business plan can build a team quicker than any formal team building activity.