COMPETITORS Lastly, what competitors are out there and how do they tackle this problem?
A lost of people think, they don’t have competitors. Either you have competitors that offer a similar product or at least you will competitors who try to solve the customer problem in another way.
If you have any sourcing or production related partnerships, then state them here. You have your product defined and why customers should buy your product.
Now, you need to show which advertising and sales channels you want to use for approaching potential customers.
For this, you will need to write a very detailed business plan which will be the basis for investors to make their decision to invest in your business or not.
This fully fledged business plan is what we are talking about in this article.
One key skill, I find most people overlook, is that management should master the skill of allocating capital in the most efficient way.
Furthermore, you should show that your team is complementary meaning that the management team should have different backgrounds; this helps in making hard decisions as the whole team sees the problem from different perspectives.
Make sure you describe why your product or service solves the problem in a more effective or efficient way, so you will have a value proposition over competitors.
Your business plan should also specify the customer benefits of your product (making something faster, cheaper, more reliable, more effective, more beautiful).