Does Your Business Plan Answer These 6 Questions?

Answering a few key questions can make business plan writing a little easier.

learn more about Nina Zipkin

By Nina Zipkin

Startup Stock

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

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at She frequently covers leadership, media, tech, startups, culture and workplace trends.

Related Topics

Editor's Pick

Everyone Wants to Get Close to Their Favorite Artist. Here's the Technology Making It a Reality — But Better.
The Highest-Paid, Highest-Profile People in Every Field Know This Communication Strategy
After Early Rejection From Publishers, This Author Self-Published Her Book and Sold More Than 500,000 Copies. Here's How She Did It.
Having Trouble Speaking Up in Meetings? Try This Strategy.
He Names Brands for Amazon, Meta and Forever 21, and Says This Is the Big Blank Space in the Naming Game
Green Entrepreneur

A Massive Hole In the Sun May Cause Dazzling Light Show Here On Earth

NASA says the coronal hole could blast the Earth with solar winds as early as Friday. What does this mean?

Business News

The 'Airbnbust' Proves the Wild West Days of Online Vacation Rentals Are Over

Airbnb recently reported that 2022 was its first profitable year ever. But the deluge of new listings foreshadowed an inevitable correction.

Business News

These Are the Most and Least Affordable Places to Retire in The U.S.

The Northeast and West Coast are the least affordable, while areas in the Mountain State region tend to be ideal for retirees on a budget.


How to Detect a Liar in Seconds Using Nonverbal Communication

There are many ways to understand if someone is not honest with you. The following signs do not even require words and are all nonverbal queues.

Thought Leaders

The Collapse of Credit Suisse: A Cautionary Tale of Resistance to Hybrid Work

This cautionary tale serves as a reminder for business leaders to adapt to the changing world of work and prioritize their workforce's needs and preferences.