{"id":9676,"date":"2020-03-26T18:23:11","date_gmt":"2020-03-26T18:23:11","guid":{"rendered":"https:\/\/jboitnott.com\/?p=9676"},"modified":"2020-05-08T18:45:42","modified_gmt":"2020-05-08T18:45:42","slug":"how-to-write-a-compelling-business-plan-for-a-new-market","status":"publish","type":"post","link":"https:\/\/jboitnott.com\/zh\/how-to-write-a-compelling-business-plan-for-a-new-market\/","title":{"rendered":"How to Write a Compelling Business Plan for a New Market"},"content":{"rendered":"

Once upon a time, we had no smartphones or connected devices. Now, it\u2019s hard to imagine a world without them. When companies first introduced these devices as\u00a0business ideas<\/a>, there was nothing quite like them. But visionary entrepreneurs still came up with a business plan for target markets that didn\u2019t even exist. In many cases, it\u2019s those plans that sold investors on products they hadn\u2019t seen before.<\/p>\r\n

Now, it\u2019s the same for entrepreneurs introducing autonomous vehicles, virtual reality headsets, and artificial intelligence, to name a few. Maybe the business idea you\u2019re dreaming of is nothing like what\u2019s already out there. Perhaps you want to expand your small business into a new market. Whatever new concept you\u2019re introducing, it may be hard for investors to visualize, so you must build a plan that helps \u201csell\u201d your cutting-edge ideas.<\/p>\r\n

Here are four approaches for\u00a0your business plan<\/a>\u00a0that will make it more compelling as you form a strategy for a new market.<\/p>\r\n

How to write a business plan for a new market<\/h2>\r\n

1. Relate your novel ideal to existing products or services.<\/h3>\r\n

To help audiences or potential investors imagine the seemingly unimaginable, include visuals in your business plan. These can illustrate the product or service, how you developed it, or your market research. In the digital version of your business plan, enhance the visual display with embedded videos of the product or service and how it works.<\/p>\r\n

Sometimes the business model may still be under development. In this case, illustrations or computer renderings can help you explain your idea in a visual way.<\/p>\r\n

You\u2019ll still need to provide a written explanation of your new idea, though. Avoid using too many technical terms that could confuse your audience. Keep the product or service description reasonably simple and brief.<\/p>\r\n

2. Relate your novel ideal to existing products or services.<\/h3>\r\n

As part of your product or service description, use examples from companies that have similar features or that provide a launching point for explaining what your product does. In the past, connected device makers may have used computers, sensors, and networks \u2014 three things everyone recognized \u2014 to explain the customer experience, value proposition, and even marketing strategy. Or if founders offered a service like on-demand delivery or drone delivery, they might\u2019ve used existing service delivery methods as a reference point.<\/p>\r\n

Once you make a connection with the roadmap of other products, you can explain your business goals<\/a> and competitive advantage more effectively. This also gives you an opportunity to highlight how you came up with your idea in the business plan.<\/p>\r\n

3. Identify your target audience and what it needs.<\/h3>\r\n

Most business plans feature a market analysis, including potential customers, distribution channels, and a general growth strategy. You may want to give even greater detail in these areas if you\u2019re preparing to enter a new market.<\/p>\r\n

Defining new customers can help venture capitalists understand more about the product so they can make informed decisions about investing. You want them to clearly see who would use the product or service and why. This further validates why it\u2019s necessary to enter a new market.<\/p>\r\n

Creating use cases is one way to present these pain points and how your business will address them. A use case takes a real-world situation and a specific buyer persona and tells a story. Show how and why target customers\u2019 needs haven\u2019t been met, and how your product or service will meet those needs.<\/p>\r\n

4. Focus on why the new market will work.<\/span><\/h3>\r\n

Business owners should still do all the typical\u00a0research<\/a>\u00a0that goes into each section of a business plan. But this due diligence should explain why and how the new market or market expansion will work. You can address this in your SWOT analysis, for example.<\/p>\r\n

Because it\u2019s a new target market, you may need to acknowledge the \u201cunknowns.\u201d This could include in-depth elements of your marketing plan or how long it may take to reach profitability.<\/p>\r\n

If there\u2019s information in the plan that isn\u2019t as clear as it would be for an existing market, don\u2019t ignore it. Instead, be upfront and transparent about these missing pieces. At the same time, try to connect what you know about other products or services to determine your best approach for launch or business development.<\/p>\r\n

Charting a new frontier through your business plan<\/h2>\r\n

Charting new territory through a breakthrough product or service can be exciting. Great entrepreneurs throughout history have produced ideas that changed the world.<\/p>\r\n

Use your business plan to share the potential and excitement. But make it easier to understand by getting visual and relating the business model to existing ones. Show how the new product will satisfy a customer base. This will help eliminate investor frustration and give them compelling reasons to fund your business idea.<\/p>\r\n\r\n

Thanks for reading! My work is almost entirely reader-funded so if you enjoyed this piece please consider sharing it around, liking me on Facebook<\/a>, following me on\u00a0<\/em>Twitter<\/em><\/a>, and maybe throwing some money into my hat on\u00a0Patreon<\/a>,\u00a0<\/em>Paypal<\/em><\/a>, or with Etherium:. 0X24AC7A8FF92721B9827A03A6936FE169B864C94<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Once upon a time, we had no smartphones or connected devices. Now, it\u2019s hard to imagine a world without them. When companies first introduced these devices as\u00a0business ideas, there was nothing quite like them. But visionary entrepreneurs still came up with a business plan for target markets that didn\u2019t even exist. In many cases, it\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":2912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[626,594],"tags":[642,201],"class_list":["post-9676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice","category-business-plan","tag-business-plan","tag-entrepreneurship"],"yoast_head":"\nHow to Write a Compelling Business Plan for a New Market - John Boitnott<\/title>\n<meta name=\"description\" content=\"Here are four strategies to keep in mind when you're looking to write a business plan while addressing a brand new market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.jotform.com\/blog\/business-plan-for-a-new-market\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Write a Compelling Business Plan for a New Market - 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