Does Your Business Plan Answer These 6 Questions?
The right questions can give your company – and your business plan – the focus it needs. The answers can also give future partners and investors confidence in your venture.
1. What problem are you going to solve? Explain what you do, why it’s important and why it’s not available anywhere else.
Read more: 6 Critical Questions Your Business Plan Must Answer
2. Who are your customers? Who’s your market? Explain how old your customers are, where and how they live, how they spend their time and how you anticipate they would use your product or service.
Read more: A Better Business Plan Can Lead to New Customers
3. Why are you the right person to run this company? VCs and future partners will want to know what makes you uniquely qualified to run your business. Share your education, past leadership experience and your track record. Then share the same information for the other key leaders in your company.
Read more: What to Include in Your Business Plan
Read more: 4 Essential Considerations of a Bank-Friendly Business Plan
4. What's your time table? Investors want to know how their money is going to be utilized and when. Make sure your business plan provides a solid timeline of milestones, including growth and profitability.
Read more: 10 Questions to Answer When Writing Your Mission Statement
5. What is your business model? How will you make money? Explain if you’ll get revenue from advertising or subscriptions or if you’ll charge for upgrades and add-ons.
Read more: To Investors, Startups Without Business Plans Are Expensive Hobbies
6. What puts you ahead of your competitors? Know what you do differently from your competition. Are you faster or less expensive? Do you have more responsive customer service? Underscore what sets you apart.
Read more: What Makes You Better? Business Plans and Highlighting Strengths.
Nina Zipkin is a staff writer at Entrepreneur.com. She frequently covers leadership, media, tech, startups, culture and workplace trends.