Bill HarveyA coach to help achieve, launch, pivot, or grow

Life, Business, and Career Coach | Change Leader | Veteran. Founder of Propel Coaching and Consulting. As a former Marine Corps Fighter Pilot and business strategist, I help leaders drive results and improve individual and team performance.

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A rough outline for a simple business plan follows below. However, you'll want to tailor your plan to the audience. For most audiences, however, the purpose of the business plan is to convey the opportunity and how your business will solve for the customer need it represents.

Working with non-profits and small businesses, I've used the following general framework for a business plan:

1. Executive Summary-a 1-page summary of your business
2. Opportunity-what problem are you setting out to solve?
3. Products and Strategy-what are your products and strategy (how the products solve the problem stated above)?
4. Management Team-who are the decision-makers?
5. Marketing Plan-how will you tell customers about your products?
6. Operating Plan-how will you deliver on customer orders?
7. Financial Plan-how will your business create profits?

In my experience working with this age group as a coach, adults in this age group are very interested in connecting to their purpose and passion. They are willing to pay. However, how much is the real question.

A marketing study using a conjoint analysis would shed some light on how much this age group values connecting with their purpose and what their willing to pay. This type of analysis presents combinations of attributes to survey participants and asks them to rank them. Comparing the attribute sets yields insights into the attributes and combinations.

As an example, I conducted a market study of young adult preferences to costs and incentives related to rental units. Each participant was presented combinations of rental location, rate, and incentive then asked to rank them. After combining demographic data with the results, I was able to determine how much above the average rate renters were willing to pay specific location types and incentives. Insights into location weren't surprising: all segments were willing to pay for coastal units. What was interesting? Most renters were willing to pay for non-cash incentives like landscaping or housekeeping services.

Let me know if you'd like to talk more about conjoint analysis or market research in this area.

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