Briefly describe your product/service
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Thank you for your work so far! Your next step is to complete an organizational chart, which will help you to prepare your formal business proposal. This partially repeats and confirms what you have done in steps 1 and 2. The addition is a bit of research to flesh out your plan.
The Basics
Briefly describe your product/service by identifying:
The name of your product/service
The need it fulfills
How it differs from any product or service already in existence
Three specific benefits of your product/service
Your tagline/motto/slogan
The Research
Industry: Does anything like your idea exist anywhere in the world? If so, what are some of the keys to its success that you can borrow?
Target Market: What kind of person will use your product/service? i.e. age, gender, interests.
Location: Where will you locate your business and why?
Competitors: Do you have any competition? If so, how will you achieve your fair share of business? If you do not have competitors, what is one specific issue or obstacle you may encounter and what research can you find to support your idea for overcoming it?
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