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If you can build an engaging story around the problem that your audience can relate to, it makes the payoff of your solution statement all the more powerful.When considering how to position your problem in the context of your business plan, think to yourself: what is the single greatest problem my customers face?
Remember, you’re not giving away every last little detail about your company and business opportunity right up front.
Just enough of the “good parts” to both inform and intrigue your reader to dig in further.
In other words, how big is this company going to get, and why should an investor/partner/hire be excited to be a part of it?
While your Executive Summary is the first piece of content people will read in your business plan, it’s usually a good idea to write this section last so you can take a step back after you’ve written everything and have a better sense for which high level information you want to pull from the rest of your plan to focus on here. The Company Synopsis section is where you provide readers with a more in-depth look at your company and what you have to offer.
Are there any recent acquisitions (examples of larger companies buying up companies similar to yours) that could bolster the case for your own exit strategy?
Are there any similar companies that have recently IPO’d (gone public)? Let’s say you were building a subscription box service for pet flea treatment.How do other solutions in the market fail to alleviate that problem, thus creating a major need for my product?Once you’ve thoroughly explained the problem you’re setting out to solve, it’s time to tell investors how your product/service solves that problem beautifully.your new product delivers crazy value to your customers by breaking down the ways that it benefits your customers and meets a highly specific need for them. In your Company Synopsis section, you’d probably spend your time talking about how your solution conveniently spares pet owners the hassle of remembering to make a vet appointment, traveling to the clinic, and waiting to talk with the vet just to pick up Scrambles’ medication.Now it’s time to use your Product or How it Works section to get into the finer details around the mechanics of how it does so. In your How it Works section, on the other hand, you’d shift your focus to describing how your customers have the ability to choose from a variety of brand name medications, set their own delivery schedule, enjoy 2-day delivery, and gain real-time support 24/7 from a team of industry experts.A quick explanation of the one or two key problems and/or trends your product/service addresses, and how it translates to a big opportunity for your company (and investors).Highlight a few of the biggest accomplishments that you have achieved and describe how those accomplishments lay the groundwork for what’s to come.If you’re in tech, are you trying to build the next Nest?If you’re in food and beverage, are you aiming to be the next Chipotle?The goal here is less about describing how your product or service actually works (you’ll get to that in the “How It Works” section later) than it is about communicating how your solution connects back directly to the problem that you just described.Key questions to consider: While your problem and solution statements help set the stage and provide readers with insight into why you’re starting this company in the first place, clearly defining your market will allow you to call attention to the trends and industry conditions that demonstrate why now is the time for your company to succeed.