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5 Tips to Strengthen Your Business Concept by Michael Paul Valentine/ The Plan Doctor
Sound business planning is vital in today��s marketplace. It��s important that before you start any business that your core concept is tight. My experience as a business proposal writing and fundraising specialist has shown me time and time again that simply having a well written business plan does not cut it. Investors and funders alike are more likely to be drawn to projects that display a strong overall concept. Below I��ve expanded upon 5 tips to help you strengthen your business concept.
#1) Offer an Extraordinary Good/ Service. Whether or not your product/ service is better than what is currently on the market will play a major part in your success or lack of it. Let��s face it�� if there��s no need for what you��re offering, you��ll have a steeper hill to climb when it��s time to gain the buzz necessary to reach the masses or even your target audience(s) for that matter. Investors are always looking for the next hottest thing and brand recognition/ selling potential is key. The better picture you can articulate of how vast of a market there is for your product/ service, the more they (investors) will love you.
#2) Find New Markets. Once you��ve created an extraordinary good/ service, it��s now time to choose who your customer(s) will be. Most people who go into business for some reason get out of touch with their creativity by being caught up in the day to day stuff and lose their ability to imagine. This group often resorts to taking the failed approach of thinking ��if I build it�� they will come��. Okay�� picture yourself as an eagle flying over the region/ area that you��re considering doing business in (I know this approach sounds silly but it works and is so easy I��ve successfully gotten 5th graders to do it). Now�� is the market big enough? What trends do you see? What opportunities exist? What threats do you see? What facts or conclusions can you draw after gathering info related to your target audience by gender, income, etc.?
Keep in mind that other opportunities may be right around the corner for you but not yet in sight. Therefore it��s good to conduct brainstorm sessions as often as possible to explore new markets. You never know where a new customer may come from. In the event you find multiple customer segments, you��ll definitely have to reach them in different ways. Trying to capture varying customer groups with the same message is like trying to catch a bear with a mouse trap. It just won��t work.
#3) Develop a Razor Sharp Message. Barack Obama becoming the 44th U. S. President is evidence that messages work. His simple message of ��Hope�� and ��Change�� made us all witnesses of the greatest campaign ever run in the history of politics. The Obama for President Campaign successfully identified 35 target voter segments and targeted each group with a remixed version of ��Hope�� and ��Change��. By establishing targets The Obama for President Campaign managed to fine tune their message to fit their desired audience.
Now that you��ve pen pointed a key customer segment, it��s now time to give the people what they want. For example let��s create a company and name it ACME Bug Killers. Let��s say that as executives of ACME Bug Killers we��ve narrowed our customer down to one distinct group that is comprised of various subgroups, e. g.,[link widoczny dla zalogowanych], single women who reside in South Florida. Let��s ask ourselves�� what do we know about this audience? Well let��s first assume that they don��t like bugs. It��s probably also safe to assume that single women who reside in sunny South Florida may reside and/or own their own homes or rent apartments. They can also be comprised of various ethnicities and economic backgrounds. Now let��s assume that they hate the site of bugs so much that they would much rather hire someone to exterminate the problem for them. It might also be fair to assume that once our technicians come out to spray, they (single women) may very well be interested in purchasing a year��s supply of ACME��s Magic Bug Killing Potion. Assuming that all of our assumptions are accurate, we can then gather the data we��re looking for to support our assumption that there are scores of single women who reside in sunny South Florida who��ll be more than willing to hire us and perhaps buy our brand of sprays.
Now that we know who we��re speaking to, we can now communicate a message that resonates with the various sub segments of single women who reside in South Florida. Our ideal campaign will address what they��re most concerned with; killing their bugs. The campaign can consist of radio and TV ads which will run during our demographics�� favorite programs. Since our demographic of women are single, and available, we can be their boyfriend. Each one of our field technicians will be viewed by our mass target audience as their bug killing boyfriends.
#4) Recruit a Good Team. Now that your strategy of positioning yourself as a bug killing boyfriend has worked and you��ve attracted more girlfriends then you can handle, it��s time that you start thinking about duplicating yourself�� you stud you. Trust me. This is much easier said than done. Recruiting a good team is very much like trying to defeat the guys at the playground who��ve been winning all-day with a pool of people who��ve been losing all day. Your job is to assemble a team that will be well matched to the opposition and can support you where you may be weak.
Most business people are in agreement that finding and keeping good people is a tough thing to master. Despite the challenge of finding good people let��s assume that you��re able to find some. You must first get them to buy into the concept of winning as a team. Hopefully you didn��t pick a team full of Michael Jordans. Figuratively speaking someone has to be Dennis Rodman, Scottie Pippen,[link widoczny dla zalogowanych], Horace Grant, John Stockton, and so on. And going back to our original example,[link widoczny dla zalogowanych], the more studs you can find the more bugs you will kill. Now that you��ve duplicated yourself imagine how easy it��s going to be to saturate the market with your message. Everybody knows who you and your team are; the ��Bug Killing boy friends��,[link widoczny dla zalogowanych]!
#5) Sell Like Crazy. Now that you��ve layed your foundation, now is the appropriate time to sell what you��ve got like crazy. You must search high and low for new customers. Always ask for referrals. Happy clients will be the greatest sales force you could ever assemble. They will grow your business light years faster than you could ever imagine.
So before you move forward with putting in the time it takes to develop a winning business plan, please, please, please take the time to strengthen your big idea with these easy to follow steps. By doing the required due diligence you��ll be granted the confidence necessary to put potential investors at ease. They��ll love the fact that you��re offering something that��s so good people really want it. They will be intrigued at how clever you are based on your ability to demonstrate setting the appropriate bait to capture your various targets. They��ll really adore the team of winners you��ve assembled to carry out the goals of the company. And lastly, they��ll see that you��ve layed the foundation to sell like crazy with the sky being the only limit.
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