How will your company or product/service make a difference in the lives of your customers?
Make sure you show your lender that you've done your homework.
For many entrepreneurs, developing a business plan is the first step in the process of deciding whether to actually start a business.
Determining if an idea fails on paper can help a prospective founder avoid wasting time and money on a business with no realistic hope of success.
Basically, your market research helps you understand your customer needs so that you can offer a product or service that precisely fits those needs.
You'll need to provide information such as your target market, customer demographics, competition and distribution methods.that your idea for a business is not just a dream but can be a viable reality.Entrepreneurs are by nature confident, positive, can-do people.This highly recognized management tool is basically a written document that describes who you are, what you plan to achieve, how you plan to overcome the risks involved and provide the returns anticipated.Often people think of business plans are limited to starting up new companies or applying for business loans.After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success.If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.If your business is all in your head, it's hard to convince lenders, investors and shareholders that you have a credible company and that you'll use their funding well.And that's precisely where a business plan comes in.Ask yourself: Who your customer is, what business are you in exactly, what do you sell, and what are your plans for growth?Address how your goods or services will appeal to customers.