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A reason for opening could be that you identified that no other restaurants in the area serve the cuisine you specialize in.You can briefly discuss the vision and future of your startup company, but you don’t need to go into too much detail.
This section should be pretty concise and no more than three or four paragraphs. Although you may think everyone will love your idea, that’s not a viable business strategy.
One of the first steps to launching a successful business is clearly .
For example, you may start by saying your target market lives in North America, and then narrow it down to the United States.
But as you continue going through your market research, you can get even more specific.
The company summary forces you to set clear objectives.
The type of company you have and how you will operate should be obvious to anyone who reads it. For example, let’s say you’re opening a restaurant.You can target customers living in New England, for example.By the time you’re finished, the target market could look something like this: This profile encompasses all four demographic segments I mentioned earlier. Your business plan should talk about the research you conducted to identify this market. You’ll use this target market in other sections of the business plan as well when you discuss future projections and your marketing strategy. In addition to researching your target market, you need to conduct a competitive analysis as well. When you’re writing a business plan, your startup doesn’t exist yet. Don’t expect to be successful if you’re planning to launch a competitor’s carbon copy.Both of these fall under the market research category of your business plan.Once you figure out who your competitors are, it will be easier to determine how your company will be different from them.You’ll cover that in greater depth as you write the rest of your business plan.Keep in mind, this description is a summary, so there’s no reason for you to write a ton.Due to this tunnel vision, they don’t take the necessary steps to conduct the proper research. But if you take the time to write a business plan, you may discover there’s not a viable market for your startup before it’s too late.It’s much better to learn this information in these preliminary stages than after you’ve dumped a ton of money into your venture.This is arguably the most important part of launching a startup company.If there’s no market for your business, the company will fail. All too often I see entrepreneurs rush into a decision because they fall in love with an idea.