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Try this exercise: For now, your goal is to write something quickly and move to the next sections.As you develop your business plan, you’ll find ways to revise this headline to more accurately summarize your unique business, vision statement, and the specific value you bring to customers.Plus, a plan can actually increase your growth rate by 30 percent.
These problem/solution pairs will also become the “value proposition” for your business Defining a target market can be tough work for startup founders who just want to get started, but it’s worth the effort.
Your marketing efforts will be way more effective if you know exactly who your customers are.
For each problem you wrote down in the previous section, describe how your product is the best solution for your target customer.
For example, if your problem states that all local solutions are too expensive, then your answer might emphasize that your price point is more appealing to your customers.
Once you’ve fully imagined who this person is, you can research their behavior.
You might even conduct more focused interviews with people from that specific demographic to help refine your problem and solution statements.If you’re using a business planning app like Live Plan, you can follow along step-by-step, and revise each section every time you learn something new. Can you summarize the unique elements of your business in one brief sentence?It’s difficult to condense that much information into just a few words, but you’ll need to so you can recite it to mentors, partners, employees, and anyone else interested in your startup.Let’s move on to the next sections, knowing we’ll return to make changes often.This is the most important section for many early-stage startups since it ensures that your product is not a “solution in search of a problem.” You must prove that real people are willing to give you money for your product.Avoid questions that lead them to your solution—this is a learning experience for you, so trust the responses you hear.Do this work now, before you invest more time and money into a business idea that might need to pivot.More importantly, your entire business model relies on having enough paying customers to fuel your daily operations and growth.For this section, we’ll list the groups of people who could possibly buy your product.Assuming you did some customer interviews in Step 2, begin with the customers who are the best fit for your solution.Close your eyes, give them a name, and imagine their face, home, salary range, and everything else you can about them.