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Excerpted from:
Business Plan Development: Is your idea an opportunity? |
A good business plan lays out what you want to do
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A better plan details how you will do it
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A great plan explains why
opportunity checklist are yes, then you have an opportunity on your hands. Take some notes as you go through this opportunity checklist, and explain how and why:
Opportunity Checklist
| 1. | Is there a discrepancy between competitors’ abilities to supply products and services that meets customer’s demands? | |
| 2. | Are you capable of supplying such products and services that meets customer’s demands to fulfill this gap between supply and demand in the marketplace? | |
| 3. | Is there a substantial financial reward for you if you do fulfill this unmet demand? |
A good business plan thus needs to convince the reader that 1) the offering solves a current problem in the industry, 2) that the size of the opportunity in the market is large if the problem is solved, and 3) that there is a large return on investment if the problem is solved.
Your answers to the questions in the opportunity checklist constitute your first draft of the plan, and are key pieces of information that you will use throughout the process. Preserve these notes and compare with the finished results to see what you learned by going through the business plan development process.
