Reference no: EM132508296

Section 1 - Business overview, mission and vision

Describe the proposed business. Address the following in your summary:

Question 1: What type of product/service will it offer?

Question 2: What is the intended market?

Question 3: What is the business model?

Articulate the business's mission and vision statements.

Section 2 - Market analysis?
Based on your intended product or service, describe the characteristics of your customer base.

1. Investigate and list your current competitors. For example, if you're manufacturing and selling exercise equipment, current competitors would be companies like NordicTrack or Nautilus, Inc. To simplify the process, limit yourself to businesses you are competing directly against. If your business is a local bistro, then your competitors are other local similar restaurants.
2. Research and estimate the size of your intended market. Market size is the number of potential customers or unit sales for your products/services. Consider the nature of your business when researching market size. For instance, if your business is a local bistro, then your market size is determined by the population within a reasonable radius of the restaurant, say, 5-15 miles maximum. On the other hand, if your business intends to sell a low-weight mountain bicycle online, then the market size is the average number of low-weight mountain bicycles sold nationwide annually.

Question 4: Estimate the value of your market. Market value is the potential revenues the market has to offer. For instance, suppose low-weight mountain bicycles have a market size of 300,000 units a year with a $500 average price. Then the market value would be $150,000,000.