How To Write A Business Plan - 5 Questions Your Business Plan Must Answer in 2024 - Boomy Tokan

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Whether you are just starting a business or you need to upgrade your existing business plan; this video will help you answer the vital questions.

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Transcription: This is Boomy Tokan. And if you're here for the first time and you're looking for Simple Actionable Strategies that you can use for starting a business, advancing your current business, or, and for self-development, then do subscribe to my channel.

Okay, let's get started. What are the five most important questions that your business plan must answer?
Actually, I went to a particular pitching event, and a group of entrepreneurs came up to give a presentation, and after speaking for about 15 minutes, I realized that I didn't understand what they were selling or where they were really going. And I was quite shocked because I made sure I was paying attention to what they were saying, once they finish their pitch, an investor said, "Hang on a minute, guys. what exactly are you selling?"
Wow, it wasn't only me, they never answered some of the crucial questions. Okay, so I want to make sure that you don't make that mistake, because when you learn this five questions that you must answer in your plan. It will help you to do a variety of things
#1. It will help you to form the foundation for writing a business plan.
#2, It will help you to concrete ties, your idea on a single paper.
#3., It will help you if you are looking for a one-page business plan.
So this would suffice as a one-page business plan because it's going to answer the crucial questions. Okay.

Question number one that you must answer is this, #1. What are you selling?. What are you selling? What problems are you solving that's what it means. It means that was your product was your service. They must be clear. That service, and the products or the services that you're offering to the market, must be absolutely clear. In fact, I will suggest to you that you list your services, or your products in your executive summary, as well as in your marketing plan, but it must be clear exactly what you are selling, which is what problems, is your product or service solves.

That's the first question you must answer the second question to answer is #2 Who are you selling this product to, who are you selling the service to, which is, what's your niche. What is the group of people that you are targeting? Now, let me stop for a moment here because a lot of people started in the business, generally say "Oh, everybody will buy my product".

That's not true. Everybody will not buy your product, I don't care who you are. I don't care how big you are not everybody buys your product there are some people who will never be found in a McDonald's, there are some people never drink Coca Cola, there are some people that never eat KFC I don't know why they would do that. Anyway, there are some people who don't eat KFC, you know, because they just don't. Some people will not be found in particular restaurants because they simply do not like that type of foods. So, not everybody will buy your product. Not everybody buys a Mac and not everybody buys a PC. Not everybody will buy your product so you have to understand that from the beginning.
The point I'm making is this, you gotta have a defined market that you're selling to first. Remember, Amazon's started by selling books to a particular audience, eBay started selling their products to auctioneer and Facebook started selling their products to students, That's the way they began so you got to have a defined targeted market in the beginning - your niche. Two "Who are you selling it to?" .... For Full Transcript email [email protected]

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