In this section, you should describe in detail the service or product you offer and analyze its potential.
Product Description
You can compare your product with similar ones and suggest options for improving your product.
Example of product description
| Type of business | Online store of original chocolate products with an online constructor for self-assembly |
| Product/service | Colored chocolate with unusual additives, unique design and unusual presentation, which the buyer can choose himself. There are no direct analogues in the city |
| Business model | Developing and promoting the product on your own, manufacturing first on your own, then with the help of a private factory, selling and delivering with the help of freelance contractors |
| Relevance | Online trade is growing, interest in confectionery products is not decreasing. New interactive format can attract audience |
| Development options | Expand the range, open a chocolatier and eventually sell a franchise |
Market analysis
Transfer the market analysis from the denmark phone number list already developed business strategy to the business plan . Competitors’ proposals should be considered in even more detail.
In the case of an online chocolate store, competitors will not only be online candy stores, but also confectioneries, gift shops, supermarkets and private craftsmen who make sweets to order.
Supermarkets. There are 5 large supermarkets in your city with a wide range of chocolate. They account for 55% of chocolate sales.
Confectionery shops. There are 50 sweets shops in the city, 5 of which sell online. 10 sell only chocolate and only 1 of them has its own website. 25% of the market by sales volume.
Original gift shops. 30 online gift shops. 10% of the market by sales volume.
Private online sellers. About 20 profitable private sellers. 10% of sales volume.
Based on your analysis, draw a conclusion: what market share can you claim?
For example, you expect that in the first three years of operation. How to Start Your your online chocolate store will take a 35% share of online chocolate sales in the city.
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Characteristics of potential buyers
Describe in detail who you are targeting, who you will be offering your product or service to. The answer: “Everyone” is incorrect. It is like shooting a cannon at sparrows. At the stage of drawing up a business strategy, you should have defined your target audience.
Let’s say you’ve chosen original customers for your online store of original chocolate. They love unusual things and should appreciate the opportunity to make chocolate according to their own taste and design.
You estimated the share of these users material data at 20% of the total number of those who buy sweets online. This should ensure the sale of 2,500 chocolate bars per month a year after launch.