The Market: Promotion
The marketing section of your business plan is extremely important as it will help persuade the reader that you have a viable business model. In general terms this should cover;
Message: Other than telling the world that you exist what message do you want to give the about your business?
Audience: What are your various customers profiles?
Channels: What different methods of promotion will you use to attract these customers?
Budget: How much will this cost? (obtain quotes if possible) and will you have a dedicated marketing budget?
The Market- SWOT Analysis
It may also be a good idea to carry out a SWOT Analysis of the Market. This is similar to SWOT analysis discussed in previous posts. Some example pointers that you may find in your market.
Strengths
- Expanding Sector
- Your experience in the sector
- lower overheads
- keen pricing structure
- your enthusiasm
Weaknesses
- others see opportunities
- new skills to learn
- no trading history
- limited capital
- no customer base
Opportunities
- to become leading provider
- to expand business
- to develop new markets
- to employ others
- to franchise the business
Threats
- competitors undercutting
- running out of cash
- not enough customers
- too many customers
- changes in the market
- emerging technologies
Join us next time for the conclusion to the business plan, the finance part. I will also provide a template for the business plan, which might be an ideal starting point to write your first business plan.
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