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It continues to explain how their product uses remote sensors to track water levels, thus relieving a great burden for ranchers.Explaining your business in terms of a problem and solution is necessary to prove why your idea matters.
Companies who write a business plan are more likely to improve over the following year compared to companies that don’t.
We’ll go over the 9 key components of a business plan and how to write your own from start to finish.
If you want a fast and easy way to make a business plan, check out Live Plan.
It walks you step-by-step through building a one-page business plan using prompts, definitions, and video and text tutorials.
Again, this shows you’re knowledgeable about the industry and market.
It will also be helpful when you write your marketing model further below.
Explain your accomplishments so far, and outline what you hope to achieve in the near future. For example, framing your business as a “More than 40% of the United States is rangeland used for livestock, and the top concern of the ranchers who tend to them is ensuring an adequate supply of water…
Every day, the rancher checks the water levels of his or her 20 to 30 water tanks.”So begins the business plan of Barn Owl Systems, a finalist in the 2016 Wharton Business Plan Competition.
One of the biggest mistakes entrepreneurs make in the early stages is to solve a problem nobody has.
Taking some time to explain the problem with factual evidence shows you’ve done the research.