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Put ideas, effort and research into a business plan

On Behalf of | Jun 19, 2015 | Business Formation and Planning

A plan for a business is an expanded idea. Investors don’t want to hear you are going to open the sixth pizza shop in Clark — they’re going to want to know why anyone would buy pizza from you rather than your five existing competitors.

A lot of Nevada entrepreneurs have great ideas, but the ones who succeed match what they have to offer with what customers want. That’s not as easy as it sounds.

Let’s say you make better pepperoni pizzas than anyone else in town, but you think customers might be hungry for vegetarian fare. Conduct some research to find out. While you’re at it, look for the potential by learning as much as you can about the products customers wish they could buy that aren’t being offered by other shops.

Identifying the market and needs of customers is vital. Develop a plan that zeroes in on that market and fulfills those desires. Pizza is not unique, so position your product in a way that makes purchasing your pizza a memorable and repeatable experience.

Customers will evaluate more than the taste. They’ll want fast restaurant and delivery service, a low price and a great atmosphere to enjoy hot, delicious food. Success may depend upon delivering these things consistently, but don’t make the mistake of trying to please everyone.

Some businesses offer too much too soon. That’s great if you have bottomless finances to invest and experiment. Many small businesses succeed through specialization — just sticking to a few core products or services they do best for a select group of customers.

An attorney can help you with business formation and planning and get you ready for a launch date. Investors are going to want to know how and why your business will do well. With these ideas and a slice of great pizza, you can tell them.

Source: U.S. Small Business Administration, “How to Make Your Business Plan Stand Out,” accessed June 19, 2015