Writing a Business Concept Statement can be tough enough - doing it in 250 words or less adds to the challenge. Take your entrepreneurial dream and putting it on paper = priceless!
Business Concept Statement
You want to make sure that your business concept includes:
**The features of what your business does (product or service) and why you do it. (take some of the points from your mission statement if you have one).
**The "what's in it for me" for your customers. How will your product or service make it easier for your customer? How will it enhance their life/their experience/their appearance?
**What sets you apart? Why is your business unique?
**Who are your clients or who will they be (target market) and why?
Think like a reporter....
What does company XYZ sell or do?
How is it different from other companies, products, services?
Who will buy ____________?
Why will they buy from you? (ie: price, availability, confidence, etc...)
Where will ______________ be sold/marketed?
When will you sell your products (if this is a start up and you are not established or in growth phase)
How will you market, promote, and inform people about __________________?
Once you get your plan on paper, review it with your team. If you are a solopreneur, review it with someone you have shared your vision with. Ask for input and advice. Once you've polished it, let someone unfamiliar with the business read over your concept statement. You'll need to keep it brief but make sure it conveys everything about your plan for success. An outsider will ask questions and help you see any missing pieces of the puzzle.