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.
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.
Your competitors will depend on your target market.
If you’re planning to sell jeans for , you won’t be competing with designer brands selling jeans for 0.
I’ll show you how to write different elements of your business plan and provide some helpful tips along the way. State what kinds of products or services you’ll be offering and in what industry. Be clear whether you’ll have a physical store, operate online, or both.
Is your company local, regional, national, or international?
Before you start seeking legal advice, renting office space, or forming an LLC, you need to put your thoughts on paper. You’ll also be able to share this plan with others to help you get valuable feedback.
I don’t recommend starting a company without consulting people first.