Of course, success does not only depend on how close you are and how good the team is. There are other variables that will influence or even define the success or failure of undertaking.
Where to locate the business? Who is the competition? What products or services do you offer? Have I defined my market niche? What is my value proposition and how is it different?
These type of questions mark a total difference in the doing and the being of the business.
Geographic location: Locate your business in a good place where your target audience has good access to the product or service. When doing so, take into account the influx of public, the visibility you can achieve, accessibility and easy location.
Competitor analysis: Carry out the analysis of your competition with the greatest objectivity. One way to do this is to become a mystery customer. This customer observes, buys, asks, and then organizes, evaluates, compares and takes advantage of all the information collected.
Define your market niche: Stratify your target audience. Determine your potential customers in order to reach your target audience.
Offer a value proposition: You need to offer a product or service that helps solve a problem and also makes a difference. Even if you offer the same as other ventures, look for a way to differentiate yourself either by the product, the price, the promotion or the place.
What is a business plan?
A business plan is a design tool, where details, ideas, and numbers begin to take shape in a written document. It is essential to start creating a good Business Plan, and within it, define the phases and how to act.
A sound business plan compels the entrepreneur to conduct research using scientific approaches, whether theoretical or empirical. Observation of the surroundings, as well as the competition. The investigation and evaluation of a business turn, a value offer, and possible customers. Prices, cost sheets, required finance, depreciation, and profitability are all defined using mathematical procedures and measurements. The synthesis of all the information into a paper that will not be shelved and will serve as an accurate guide to where we want to go.
A strong business plan not only allows you to plan the money, the activities you’ll perform, and how you’ll execute them, but it also clarifies the path you’ll take with your team. Above all, you can seek finance with a well-written, thorough, clear, and accurate plan.