The right questions can give your company – and your business plan – the focus it needs. The answers can also give future partners and investors confidence in your venture.
1. What problem are you going to solve?
Explain what you do, why it’s important and why it’s not available anywhere else.
2. Who are your customers?
Who’s your market? Explain how old your customers are, where and how they live, how they spend their time and how you anticipate they would use your product or service.
Why are you the right person to run this company?
VCs and future partners will want to know what makes you uniquely qualified to run your business. Share your education, past leadership experience and your track record. Then share the same information for the other key leaders in your company.
What’s your time table?
Investors want to know how their money is going to be utilised and when. Make sure your business plan provides a solid timeline of milestones, including growth and profitability.
What is your business model?
How will you make money? Explain if you’ll get revenue from advertising or subscriptions or if you’ll charge for upgrades and add-ons.
What puts you ahead of your competitors?
Know what you do differently from your competition. Are you faster or less expensive? Do you have more responsive customer service? Underscore what sets you apart.
This article was originally posted here on Entrepreneur.com.