(Just in case you missed it, here is Part 1)
What we will cover:
- Sales and Marketing Summary
- Business Operations Section
- Financial Information
- Final Statement
Sales and Marketing: In this section, you will focus on your strategy for reaching your customers and how to keep them (customer retention).
Promotion
How will your customers find your products? How will you get their attention? Some promotional ideas are: blogging and developing an email list for newsletters or blog release announcements, online advertising, or local print advertising. Trade shows often present a fantastic opportunity to promote your business, products and network with customers and suppliers.
Sales
Will you be selling from your brick-and-mortar store, online only, or both in-store and online? How will your customers make a purchase? Explain your POS (point of sale) system. Develop your policies on returns. Explain your customer service policies before and after sales. If you are using an eCommerce platform like Shopify, they will supply you with default options that you can adjust to match your sales objectives (which makes life a whole lot easier).
Competitive Advantage
Define what makes your business unique. What sets you apart from your competition? What value would you see as a customer looking at your business? Or, think of what you would like to see in a Google review. It’s really important in this section to be authentic. Most of us choose to engage with companies or products we can relate to or feel connected with. What may seem like a vulnerability, can actually place your business into a profitable niche arena.
Business Operations: What is your process for manufacturing, packaging, staffing, inventory management and shipping fulfillment?
Meet the Team
Here’s where you write your team bios, and the skills each staff member will bring to your business. These bios will be the perfect content to transfer to your website for your ABOUT US or MEET THE TEAM page. If your team is me, myself and I – that’s okay too. Write your bio expressing your skills, education, and experience. These are the elements that will make your business successful, so don’t be shy when you pen your self description.
Suppliers
Who will supply the product you are going to sell to your customers? Are they reliable? If your product is seasonal, how will you store or guarantee enough supply for consumer demand? If your supplier closed shop, do you have a backup plan for product replacement?
Financial Information: You need a financial plan including cash flow charts and earnings/projections for your financiers. Prove they will get their money back with interest. Unless you are one of those rare entrepreneurs who can manage both concept and numbers, I recommend hiring a bookkeeper for help.
Your final statement on your last page can be a brief summary to wrap it up. This succinct little paragraph will advise the world that you are on your way to benefit of your investors and the clientele you will serve.
Good luck! You deserve success after all the hard work and planning that went into your new entrepreneurial adventure.
Recommended Reading: Hooray for Entrepreneurs!