Business Plan – 5 Questions Your Business Plan Must Answer in 2019 (Plan Template & Presentation)

People always asked me “What should I include
in my business plan?”. So today I want to answer that question by covering the five
most, important questions that your business plan
must answer. 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 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, 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, 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. Okay, so we understand that those are your innovators
and early adopters, that will buy your product is really important as we go on because you’re
going to be able to get feedback from them and I want to do a video on “How to make your
first sale”, and you should check that in the description below, because it will also
point out a lot of things around your around the reasons why you should have a targeted
audience. Okay, that’s the second question, you must answer so first one “What are you
selling?” Two “Who are you selling it to?” #3, “How do you plan to reach that market,
and at what cost?”. What is it going to cost you, in terms of marketing and product creation
to reach that market? That’s important because they can be scattered all over the world,
or they might be just at your local neighborhood or they might be national, but you need to
know exactly how you’re going to reach that audience, okay that’s number three. #4 is
“How much profit. are you going to make? After delivering your product to your target market,
what is it costing you and how much money are you going to make this is talking about
your sales and profit or not only about sales but we’re looking at profit, because you cannot
grow a business, unless you’re making some profits or another so that’s important. So,
let’s go over it again, #1 What are you selling? #2 Who are you selling it to? #3, How do you
plan to reach that audience, and at what cost?. #4. How much profit, are you going to be making.
And then #5 fifth question that your answer is, “Who and what do you need to help you
bring this vision to pass?”, Who and what. Okay, let’s look at that individually. Who
– this could be your management team. So who are the people that you need – that could
be a partner that you need, or that could be a group of people that you need. We’re
talking generally speaking about the management team that’s going to help you to bring your
vision, your idea to fruition. And then the what – is the amount of money. How much money
do you need to ensure that your business would work? Those are the five questions that are
your business plan must answer. Every other template that you use to write your business
plan is simply building on the five questions that you have answered. They are #1 What are
you selling? #2 Who are you selling it to? #3, How do you plan to reach that audience,
and at what cost?. #4. How much profit, are you going to be making. And then #5 fifth
question that your answer is, “Who and what do you need to help you bring this vision
to pass?”. All right. If you enjoyed this, then you’re going to
enjoy the video that I’m creating next, which should be here. Yeah, the video should be
there so you can click on that and you will get to “how to make your first sale or if
you really enjoyed this video – do subscribe to my channel that should be there as you
can tell I am making these signs for the first time!. But otherwise, I’ll see you in the
next video.

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