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How to Write Business Plans That Answer the Right Questions

Of the many questions that your business plan must answer for yourself and readers, these are a few of the most important:

Who Are Your Customers?

The target customers must be defined, described, and segmented within the customer analysis section of the business plan. The definition of target customers should be simple, stating in a sentence or two the general characteristics of customers. The description should go further into the demographics (gender, race, age, marital status, etc) and psychographics (needs, values, aspirations, etc) of the customers. The segmentation should break the customer market into as many groups as necessary. A rule of thumb to know if a group of customers should be an additional segment is to find if they will require a different type of marketing to be reached. If so, they can be considered another segment.

Who Are Your Competitors?

Likewise, your competition should be defined in general and then specific, top competitors described fully. Competitors can be any other product or service which your customers will have as a choice to use rather than your product or service. Competitors are not only limited to businesses. For example, the United States Postal Service, a government agency, can be considered a competitor of Federal Express or United Parcel Service. Tap water, provided by city pipes, is a potential competitor or substitute for bottled spring water.

Who Will Run the Business?

Merely stating that the partners will hire an experienced manager to direct the company will not give investors much confidence. If there is a need to hire additional managers, provide a detailed description of the skills, experience, and qualities you will look for in that hire and what incentives or compensation you will offer to find and hold on to that employee. If the partners will be the company's managers, their relevant experience and skills must be described to show how well suited they are for the roles they are to play in the company.


Finish Your Plan Today With Our Business Plan Template!

If you want to create your own business plan quickly and easily, we now offer a simple business plan template that allows you to develop a professional business plan in hours or days, not weeks or months.

Visit this link to learn more: http://www.growthink.com/products/business-plan-template

OR, We Can Develop Your Plan For You


Our professional business plan consultants can create your entire business plan for you. We will make sure your business plan is sound and ready for investors so you can continue to focus on running your business.

To speak with a Growthink business plan consultant, call 800-506- 5728 or complete the form below.

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Thank you very much for all of your hard work. We are very pleased with the final result of the business plan and the PowerPoint - say congratulations on a job well done and that you can use us a reference for any future clients. We will definitely look to utilize Growthink's services in the future as we build our company.

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MediaCompound



Without Growthink’s professional help, we would never have been able to create an effective business plan. Growthink not only did deep research on our business environment, but its representatives also listened to us and refined their analysis to include what we had found out through experience. We would recommend Growthink to any start-up business which does not have a professional business plan developer on staff!

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Laptop Mini Mart



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