Marketing strategy- The right direction to achieve the goals of the business is to adopt the right marketing strategy. You have to define your target market segments properly and highlight the unique selling proposition of your services or products and how you are different from your customers with regards to your services or products. You have to talk about the pricing or promotional strategies which you will adopt such as tradeshows, press-magnet events, social media marketing (e.g. Facebook, Twitter, etc.), networking, and print, media or online advertising. You need to specify in the business plan which selling strategy you will adopt, online, wholesalers, storefront and also describe the target markets buying cycle.
This situation is complicated by the fact that many venture capitalists will refuse to sign an NDA before looking at a business plan, lest it put them in the untenable position of looking at two independently developed look-alike business plans, both claiming originality. In such situations one may need to develop two versions of the business plan: a stripped down plan that can be used to develop a relationship and a detail plan that is only shown when investors have sufficient interest and trust to sign an NDA.
Finally, a business plan should be error - free. This is important because your business plan defines who you are as a business person. If it turned out sloppy, then that does not speak too highly of you.
Starting a woodworking business can be a highly profitable enterprise with a lot of flexibility however it is important that you plan it carefully. Having a woodworking business plan will allow you to borrow funds from investors or the bank in order to get you started. In this guide you will learn what you need to have in your woodworking business plan.