Business Plan Parts

Business Plan Parts-74
starting out, clearly defining your framework for generating revenue might seem like somewhat of a shot in the dark.But showing investors you have even a cursory idea of how you will convert your product or service into sales is absolutely fundamental in lending credibility to your business plan.Outline the next objectives or milestones that you hope to meet and what it means for the growth of your company.

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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?

Key questions to consider: If your product or service has some sort of proprietary element or patent at the core of what makes it work, you might be a bit hesitant to show your hand for fear that someone might run off with your idea.

While this is a completely understandable concern, know that this pretty much never happens.

That being said, you can still give your readers a clear idea of how your product or service works by explaining it through the lens of how it relates to the problems that your customers face without giving up your secret sauce.

Put another way, you don’t have to explicitly tell your readers the precise source code to your new app, but you will want to call attention to all of the great things it makes possible for your customers.

You’re going to want to supplement your own expertise with plenty of evidence in the form of market statistics and research to show readers that you’re not only an expert when it comes to your product, but your industry as well.

Your goal here is to help illustrate: Indicating to your readers that your problem addresses a big enough market will play a huge role in how excited they’ll be about getting involved in helping your company.

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.


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