When coaching business entrepreneurs on a Niche Business Plan, we discuss the:
Five important tips before you start in preparing your Business Plan!
1. Your business plan will tell a compelling story about your ideas for your business, explaining who, what, when, where, how and why.
a. Ex: Who – pet owners – this is who you will be marketing to;
b. What – grooming – this is your product/service and what are your (and your competition’s) strengths and weaknesses;
c. When – availability and when do you expect to start earning money;
d. Where – Santa Ana, CA and where your clients are and where your competition is located;
e. How – mobile – and how is your market research being done and how can you overcome obstacles; how does your product/service compare with your competition;
2. Your plan will show the focus of your business – with clarity leading you and allowing for inspiration.
3. Define your business purpose, goals, and objectives to guide your business – be amazed where this takes you.
4. Writing a business plan can guide you, give reason and organize the ideas of your business. Helping you focus – which definitely helps you understand your business and your target audience.
5. A good business plan is an active document. It grows and changes with your business activities and your own growth.
— Write out – journal – how you think you will stack up in target audience’s minds.
— And remember, in our example above – that you cannot be all things to all people – we took pet owners who need mobile grooming in Santa Ana, CA.
— Think about your competitors from your research – in a few words, state how you think they compare with you – how you are different. You may start seeing your own uniqueness – and see how you can market this.
Now that you have analyzed your niche possibilities step by step, your product/service, your target audience, and your competition, you have a path to follow and know how and where your own niche fits into the world – either online or on the road.
It’s like having a flashlight as your walk through a foggy night. That is a business plan and that is what business coaching is.
· A business plan describes all aspects of your business. Take full advantage of this knowledge in your marketing strategies. You will see a definite change as you work through building your plan.