★ Lack of direction will lead to wasted time and money.
★ You will miss the best opportunities by not knowing what to focus on.
★ It'll be easier for existing and start-up competitors with solid strategies to take market share from you.
★ You won't know your online audience clearly enough to market to them effectively.
★ Your resources won't be able to work in concert to produce the best results.
★ Important strategies and tactics will take a back seat to other business priorities.
★ You won't know what to optimize or when to optimize to produce the best.
Identify needed capital requirements by determining where your business stands today, and what is needed in order to move forward. Also, if you are in need of outside funding, what will be the sources and uses of funds requested.
Once you've identified your target client, you'll need to develop and implement a strategy on how best to reach them (e.g. PPC, television, radio, social, etc). And this in large part will be influenced by where your target client consumes information.
Every business exists because of some noticeable opportunity that you have discovered within the market. So you must clearly define the need and/or problem you are solving with this business.
Introduce and describe the business itself. Consider including a mission or vision statement with objectives detailing how the business satisfies the need in the market.
Describe your business model and competitive advantage. This will help you to outline how the business will sustain its position within the market.
The management team, board and advisers to the business. Highlight their expertise and experiences.
Only after understanding the industry you are entering - its size, attractiveness and profit potential - can you truly justify the opportunity.
Narrowing down your target customer will help enhance and define your marketing strategy.