A few months ago I was browsing at a local bookstore looking for something interesting to pick-up. Lately I’ve been very interested in Business topics because I hope to convert this blog into a money generating stream. I stumbled upon a book called “Business Plan In A Day”, by Rhonda Abrams. It promises to help the reader create a business plan. The author says that it will take 24 hours (non-consecutive 24 hours because you will have to do some research) to get craft your plan). The book covers “The Anatomy of a Business Plan” (9 steps total) and has a chapter devoted to each step. I’m going to specifically review Step 3 which is about understanding your Target Market.
This is a great chapter because the author points out some resources that are free such as census data to show your customer demographics. She also mentions reading market and industry reports, researching trends and using customer surveys to get a good grasp of your market.
This section goes over:
- Targeting your market location and reach your target market
- Describing the demographic characteristics of your target customers
- Explaining customer patterns/motivations
- Determining market size
- Evaluating market trends
I found the book very easy to understand. It is laid out in a way that you can work on each chapter independently so that you don’t become overwhelmed with the process. There are worksheets that can be filled out by hand the reader can keep notes in one place for reference later on. Ms. Abrams doesn’t illustrate how to access the data so a tutorial on the process would have been helpful.
You can find the book here and wherever books are sold.