How to write a compelling business plan for a new market

Once upon a time, we had no smartphones or connected devices. Now, it’s hard to imagine a world without them.

When companies first introduced these devices as business ideas, there was nothing quite like them. But visionary entrepreneurs still came up with business plans for target markets that didn’t even exist. In many cases, it’s those plans that sold investors on products they hadn’t seen before.

Now, it’s the same for entrepreneurs introducing autonomous vehicles, virtual reality headsets, and artificial intelligence, to name a few. Maybe the business idea you’re dreaming of is nothing like what’s already out there. Perhaps you want to expand your small business into a new market. Whatever new concept you’re introducing, it may be hard for investors to visualize, so you must build a plan that helps “sell” your cutting-edge ideas.

Here are four approaches for your business plan that will make it more compelling as you form a strategy for a new market.

Charting a new frontier

Charting new territory through a breakthrough product or service can be exciting. Great entrepreneurs throughout history have produced ideas that changed the world.

Use your business plan to share the potential and excitement. But make it easier to understand by getting visual and relating the business model to existing ones. Show how the new product will satisfy a customer base. This will help eliminate investor frustration and give them compelling reasons to fund your business idea.

A journalist and digital consultant, John Boitnott has worked for TV, newspapers, radio, and Internet companies for 25 years. He’s written for, Fast Company, NBC, Entrepreneur, USA Today, and Business Insider, among others.

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