If you’re selling a physical product, you can take a different approach and simply display your product with arrows pointing to all the unique features.
Other ideas include a “before/after snapshot,” which illustrates how consumers went about a problem before and after the introduction of your product.
Then, illustrate the process with a simple graphic like the one above.
Entrepreneur Patrick Fitz Gerald explains this in more detail, and provides more examples, in this video lecture.
Getting specific about your target market shows self-awareness.
Claiming your target market for Bob’s Pizza Shop is is a bit more assuring, especially if you go on to explain how your zip code has a high concentration of this demographic.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.Or, simply write a narrative that shows how your product can improve somebody’s life.Describe your target customer based on personality type, income level, age, gender etc.(You’ll describe the backend later on when you get into your business model.)One way to do this is to draw a visual step-by-step process.Think of the 4 to 6 main steps of how your product/service is used.In order to explain how your business “solves” the problem, you may need to get more detailed.Consider a separate section that highlights the “front-end” of your products/services – in other words, how your product appears to and is used by consumers.Along with describing your target customers, you should outline the other businesses that exist in your space.Although every entrepreneur dreads to reveal their potential challenges, comparing yourself to competitors drives the point home on what makes you unique and advantageous. It’s incredibly rare for a business idea to be so unique that there are no existing competitors.