By Michael Miller
Alpha educate your self enterprise Plans in 24 Hours is a step by step advisor for writing a marketing strategy that any entrepreneur provides to bankers, enterprise capital organizations, and different strength traders. the writer explains what traders search for in a marketing strategy and exhibits tips on how to create a plan that might lead to investment and help.
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Additional resources for Alpha Teach Yourself Business Plans in 24 Hours
It’s likely that you have an existing personal relationship with any individuals who are thinking of investing in your business. They’re interested in investing because they know you and because they know your track record. In some instances, they may not know you personally but may be a “friend of a friend” who knows you. In any case, there often exists the feeling of a personal obligation to small investors, especially those “friend and family” investors, to ensure that they don’t lose their money if things go bad and that they get a good return if your business really takes off.
As a last resort, you may just have to guess. ” DETAILING THE MARKET Sizing your market is part of the equation. The other part is describing your market—how it’s built and how it works. There are several components of a comprehensive market description: • Products and services. For your business plan, you’ll need to describe the types of products and services offered within your industry. • Customers. You’ll probably need to describe the types of customers your industry targets (consumers, corporations, and so on), the demographics of these customers (men between 25 and 45 with incomes above $100,000, for example), and—if a few major customers represent a large percent of sales—the names of the industry’s key customers.
It’s not just for the business plan; knowing your market helps you to create the long-term strategy that drives your company’s current and future actions. HOW TO KEEP IN TOUCH Aside from sporadically gathering information when you absolutely have to—like the creation of this business plan—how do you keep in touch with your markets on a day-to-day basis? There are several things you can do to make sure you’re as market-savvy as you need to be, including the following: • Read. Most industries have at least one trade publication that provides periodic information about the companies and customers of that specific industry.