While a single sentence may convey the overarching direction of your business plan, you may also need to develop an elevator pitch that combines a few additional concepts into a paragraph so that you can better describe your plans. Here is a ‘paint by numbers’ approach that may help you put your plan into a short ‘elevator pitch’.
So, first determine answers to the following questions and then compile the answers in the template given below:
(Name of your business)
(A) What primary market is the business intending to enter? Identify the broadest market descriptor. i.e. “Insurance”, “Hair care” “Furniture”, “food and beverage”.
(B) For whom does the business exist? What broad category of target user are you targeting? i.e. “For (individuals, startups, SME businesses, corporate enterprises, Government Departments, Non-profit organisations, Government Agencies …”
(C) What are their burning problems that your offer is planning to solve? i.e. They ” can no longer afford …”, “are tired of ….”, “want safer ….”, “need better performing ….”, “desire a better looking …..”, “need a more comfortable ……”, “are looking for a longer lasting ….”, “want the latest ……”, “need to reduce the costs of …..”, “want a more convenient ……”, “need an easier to use …..”, “want to indulge …” or “want improved access to ….”.
(D) What specific key products (good/service) are you planning to provide to satisfy this burning problem? e.g. “pre-packaged sandwiches and espresso coffee”, “gold plated fashion jewelry”, “a building compliance audit service”, “lawn care and edging service”.
(E) Who is the key product offer primarily targeted to? . . . . . . . .
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