Step 2: Define your business idea and model
Posted: Mon Jan 20, 2025 11:18 am
After analyzing the market, formulate your business idea. Make sure it is unique or has competitive advantages.
How to choose a business model:
Determine whether you will work in B2B, B2C or C2C format.
Decide whether your business will be offline, online, or hybrid.
Calculate monetization channels: sales of goods, services, subscriptions or advertising revenue.
Example: If you want to open a coffee shop, highlight what will make it unique: signature drinks, eco-friendly materials, or an unusual interior design.
Tip: Create a so-called "value scale" - a graph on which you list of uganda whatsapp phone numbers mark your competitive advantages and the main pain points of your customers.
Starting a business
Step 3: Write a business plan
A business plan is a map that will help you move towards your goal. It will also be needed to get funding.
What to include in a business plan:
Project description.
Market analysis.
Marketing strategy.
Financial model: forecasts of income, expenses and payback.
Risk management plan.
Additional block: Example of a business plan structure
Project summary.
Target audience and competitive analysis.
Step-by-step launch plan.
Financial calculations.
Potential risks and strategies for their minimization.
Example: If you are planning to attract investors, a clear and structured business plan will significantly increase your chances of success.
Starting a business
How to choose a business model:
Determine whether you will work in B2B, B2C or C2C format.
Decide whether your business will be offline, online, or hybrid.
Calculate monetization channels: sales of goods, services, subscriptions or advertising revenue.
Example: If you want to open a coffee shop, highlight what will make it unique: signature drinks, eco-friendly materials, or an unusual interior design.
Tip: Create a so-called "value scale" - a graph on which you list of uganda whatsapp phone numbers mark your competitive advantages and the main pain points of your customers.
Starting a business
Step 3: Write a business plan
A business plan is a map that will help you move towards your goal. It will also be needed to get funding.
What to include in a business plan:
Project description.
Market analysis.
Marketing strategy.
Financial model: forecasts of income, expenses and payback.
Risk management plan.
Additional block: Example of a business plan structure
Project summary.
Target audience and competitive analysis.
Step-by-step launch plan.
Financial calculations.
Potential risks and strategies for their minimization.
Example: If you are planning to attract investors, a clear and structured business plan will significantly increase your chances of success.
Starting a business