target group business plan

Step-by-Step Guide to a Successful Target Group Analysis

Author: Liesa Wieruch

17. July 2019

In order to achieve your predefined corporate goals, it is necessary to work out the needs of the target persons. By determining a thorough target group and defining the personas, you lay the foundation. Here we will explain how to proceed.

Jump quickly to the appropriate section: Creating Basics Strategy for Finding Target Groups Use Your Target Group Potential

Knowing your target group is the be-all and end-all. This is probably not the first time you have heard this sermon, and this article will preach nothing else. Why is it important to know your target group? Look at the next examples for a better understanding.

You want to sell Best Agers hip software solution, in a purely digital way? Or attract environmentally conscious marketers with mobile sales offers on Black Friday? You should notice that these are absurd ideas that lead to nowhere.

These two examples show you very well that not only the product, but also the approach must match your target group in order to generate sales . Of course, as a marketer, you always want to increase this.

However, more profit alone is not enough (that would be too superficial). The focus should be more on customer satisfaction , as this is the core of entrepreneurial success . If a customer is satisfied with the product right from the start, there is a high probability of winning over the customer long term. If the customer is satisfied throughout the course of the sales funnel , he or she will, at best, turn into a loyal brand ambassador , returning again and again for purchases and recommending the brand to others.

Image sequences that visually depict the emotional state of the target group- successful addressing of Dove .

In order to ensure the highest possible customer satisfaction in the long term , it is absolutely necessary to find out detailed information about a market with the help of a target group analysis .

Two reasons are often responsible for the failure of many companies or start-ups .

First scenario: Companies build a product without first presenting their idea to the target group. This means that they do without the test phase and the possibilities to improve their product on the basis of feedback. As a result, they build a product that nobody wants.

Second scenario: Your target group analysis was not established enough so that your message does not reach the relevant target audience in the first place.

For these reasons, you should know who your customers are . Find out what your target group wants, how they make their purchasing decisions, and what added value they expect from a service. Find out, for example, which search terms your target group enters into Google and which criteria play a role in product selection . Based on this information, you can then adapt the structure and content of your website.

"Do it Lean!" is a well-intentioned piece of advice, especially in the start-up scene. Whole companies are even built according to the principle of Lean Management . Ideas are born, checked with the help of the target group, and then optimized. Then, everything starts all over again. It is a never-ending cycle that focuses on the customer needs of every action .

The We Company Story: The company listens carefully to the needs of its target group and acts accordingly.

And that's what it's all about- connecting with consumers to create the most impeccable product possible . This works particularly well if you limit your target group as much as possible . This is the only way to tailor your approach to the needs of your target group. Any additional information you learn about your target group will take you even further.

In this article, you will learn how you can get this information with the help of qualitative and quantitative research and how you can arrange your results on the basis of personas .

Before we delve any further into the subject, we first want to clarify what target groups are and how they can be defined. Are you already familiar with this? Then jump straight to the section where we present a step-by-step guide to target group identification and discuss various methods

Otherwise, we will ask you for your attention again because now we’ll teach you the basics so you can later determine your target group at a high level .

Creating Basics.

What is a target group.

A simple definition of Investopia is, "A target market refers to a group of customers to whom a company wants to sell its products and services, and to whom it directs its marketing efforts." But there is more to be said about this.

A target group is made up of different people on the basis of their same or similar characteristics . In order to make a target audience more tangible, you should try to understand their nature on different levels. This is the only way to create a holistic picture of the target group.

Three levels for a better understanding of the target group:

Individual cohorts share a world view because they have grown up in the same time and have had similar experiences . As a rule, this applies to generations, e.g. millennials or baby boomers. Cohorts perceive their environment differently and, therefore, have different demands on this. By taking a closer look, you can recognize patterns in the attitudes, but this distinction alone is not enough.

If you go one step lower, you can cluster groups of people with common demographic and socio-economic characteristics . You will receive basic data- gender, age, place of residence, income, occupation, position, marital status, religion, education, and interests.

• Archetypes:

Archetypes are user profiles within segments . These differ in psychographic characteristics , such as character traits, habits, values, motivations, life goals, self-image and image of others, and dream role. It can be advantageous, especially in the digital age, to analyze the online surfing behavior of customer groups. See the following graphic. Does the term "Social Technographic Profile" mean anything to you?

“Social Technographic Profile” dof Facebook and Myspace users (US adults only), created by Forrester .

You'll also want to find out how your target audience interacts with your brand and offerings to proactively respond to consumer buying behavior. Answers to the following sample questions provide information:

• Did the target group already come into contact with the product?
• In which situation and in which environment have you used the product?
• Which channels did they use?
• Why do you buy the product? What do they expect from the use?
• What frustrates them?
• How often do they buy/consume?
• When do they come back to take up the offer?

Fill-in-the-blanks-method, to get to the heart of the target group, designed by Jobs-to-be-Done .

First and foremost, the aim is to filter out the pain points of your target group . These r esult in needs that marketers must satisfy . Individuals with the same or similar needs are then grouped together in a target group.

The fill-in-the-blanks method can help you visualize the quintessence of your research results in a simple sentence, providing more clarity.

Tipp: You have a free hand in defining your target group. The target group analysis is not limited to the aforementioned characteristics , but you can supplement or replace them with your self-identified character traits. Ultimately, it is you who knows best about your target group. You determine which aspects are necessary to best serve your target group.

Since a company cannot meet the needs of all its customers, you should also ask yourself another question: Which interaction with which group of people will help you most to achieve your goals? Your answer decides on primary and secondary target groups . Your focus is on the primary target groups. The secondary target groups are often not large enough and do not generate the most sales but have great growth potential.

Let's say you find out all this information about your target audience by conducting web analytics and personal customer surveys, but now you're faced with a huge mountain of data. How do you bundle your knowledge and organize it in a meaningful way for a better overview? The solution is personas , which we will now introduce to you.

Why is a Persona Necessary?

A persona combines all the findings you have gathered on the target group with the help of qualitative and quantitative research in a fictitious person. The contents of the results determine the character of the persona. In this way, Persona, as an example person, represents all real characteristics and needs of a certain target group . In other words, anonymous target groups are personified with the help of personas . This is why each persona is given a name (see example of Xtensio).

All known information about a target group is documented on a persona sheet. The viewer should be able to get an idea of the target group at a glance.

Example of Xtensio for structuring a persona sheet.

Tipp: We recommend a maximum of 4 persona per product, project, or similar to ensure a targeted and effective approach to the most important users.

The main task of Personas is to give marketers orientation when designing products, content, and offers. They also help evaluate new ideas. By and large, personas simplify the decision-making process .

The more detailed the persona information, the better effective marketing measures can be derived. Particularly in the area of content, you can offer your target group great added value through needs-oriented content.

Relevant content brings added value for the target group, according to the Content Marketing Institute.

A personal approach and relevant content is what will set you apart from your competitors in the future, especially in times of digitalization and the oversaturation of information.

The purpose of a target group analysis , therefore, is to develop personas . On your way to becoming a persona, you increasingly narrow down your target group so that an authentic image of your target group gradually emerges. In the next step, you will learn how this works exactly and which methods help with the research.

Strategy for Target Group Identification.

As with most projects, it usually fails in the implementation stage because there is no precise action plan available . We want to counteract this, so now we will provide you with step-by-step instructions for a structured target group analysis .

Before we get started, you should be aware of one thing. Determining target groups is an ongoing process. This has to do with the fact that our environment and people adapt to changing circumstances. Thus, the needs and requirements of a brand also change. Just think of the progressing digitalization!

No matter whether you are at the beginning of your business and are just building your product or want to introduce new products or optimize existing ones in an established company, target group analysis is essential .

Now, follow us along the process of target group analysis.

Schritt für Schritt zur Zielpersona: Visual Paradigm zeigt wie es geht.

#1 Name the Target Group.

Current State: Usually, you have already recognized a problem or need of a certain group of people and want to solve it. You already have experience with the target group or not.

Stage goal:

• Create a first version of your persona/s.

First, you narrow down your target group according to the company goals. Then, you make forecasts about your target persons based on (first) experiences with them, observations, and background knowledge.

Qualitative Tools:

• Affinity Mapping:

This research method comes very close to brainstorming. Coworkers collect their thoughts and ideas to specific customer groups and later categorize them according to a specific scheme. Use a workspace with plenty of space (e.g. whiteboards, walls) and equip yourself with enough post-its and pens.

Easy-to-understand video explaining Jessie Drumm's affinity mapping.

In the next step you want to control your assumptions and model your persona by asking specific questions.

#2 Checking Assumptions

Current State:

• Sie suchen nach Antworten auf entscheidende Fragen.

Stage Goal:

You are able to make specific statements about your target group, which can be substantiated on the basis of research results. You have developed a product and a communication strategy. Both meet the requirements of the target group.

You will realize what you want to find out with the research. You test your assumptions and supplement your gaps in knowledge with new findings.

• Customer Interviews:

A moderator talks to representatives of the target group in order to determine the needs of the other persons and, above all, to gain insight into their purchasing decision process.

• Test/Focus Groups:

Often interviewees assert something or believe they are doing something they don't actually do. To distinguish words from actions, behavior is tested in action. For example, when testing a product, solving a problem, participating in discussion rounds, etc., the behavior of the customer is tested in action. The analyst notes his observations and then evaluates them according to a certain scheme.

• Ethnographic Investigations:

A researcher observes the target group in its natural habitat. This is either official or undercover. For example, by taking part in a cultural celebration, staying in online communities (forums, Facebook groups, etc.) on specific topics, asking questions if necessary, and participating in the discussion.

Quantitative Tools:

• Surveys: Online surveys are useful to reach several respondents at the same time and to quantify the results (for example, from an interview). Good, free survey tools that allow you to evaluate the results at the same time are Google Forms, Typeform and Survey Monkey
• Public Studies: Universities, agencies, institutes, or online statistics databases, such as Statista , provide insight into studies already carried out

A customer tells why Typeform is one of her favorite business tools.

#3 Investigate the Timeliness of the Data

• Your product is on the market. You may have been in business for some time.
• Achieve 100% customer satisfaction.

You eliminate weak points and optimize processes by tracking the purchasing behavior of your target group and continuously contacting customers.

• Social-Listening/Content Analysis:

Tools like Hootsuite and Mention collect all content (posts) of desired social media platforms based on registered keywords. Find out how people talk about you online.

• Customer interviews: This is primarily the task of the Customer Service and After Sales Team. You interact with different customer segments via telephone, email, or chat.
• Online Surveys : These can be used to obtain feedback on the product, gather information about the customer experience, filter out any ideas for new product development, and customer retention measures.
• Multichannel-Reporting: Tools like Google Analytics collect data about your online traffic, especially on your website. They help you understand where people come from, how long they've been on a page, and what keywords they've entered. This is used to monitor the success of campaigns based on internally defined success criteria ( KPIs ).
• CRM-Systems : Here, the customer journeys of existing customers are monitored. In this way, conclusions can be drawn about the future experiences of potential customers in order to make them as pleasant as possible. Prerequisite: A well-managed CRM system.

Customer Example: How Hootsuite MEC helped you implement your #GoodTimesOutside campaign.

#4 Categorize & Evaluate Data

This task should not be done at the end. Otherwise, the whole research work ends in chaos. Integrate this step into the entire process and think of the following tricks:

• Document user behavior
• Search for patterns in user behavior
• Categorize recurring elements: How do the individual groups of people differ?
• Prioritize persona groups: Who spends the most money, spends the most time with the brand, and is interested in related topics?
• Fine-tuning the personas: Further develop knowledge about persona groups, preferably with people who deal with the target group on a daily basis, e.g. customer support.

Use Your Target Group Potential!

Do you know what data Google collects from you? A lot! Google conducts market studies par excellence and develops precise user profiles based on these in order to target your online advertising more effectively. In their evaluation , they include various aspects that you may not even have thought of :

• Search queries via Google
• Data published by yourself on social media (e.g. demographics, interests)
• Your interaction in social networks
• The website performance (e.g. clicks, impressions, length of stay) associated with your cookie ID

For Ad Words, Google distinguishes between two target groups : The users with an interest in a product and the audience willing to buy .

The example of Google and its entrepreneurial success shows how elementary a well elaborated customer segmentation is already today.

The online offering will grow over the next few years , which means more data capture options for you. However, you should make better use of the big data trend because, with these developments, the demands of the target group regarding a demand-oriented approach also increases.

So do your homework and ensure happy customers! The success will be seen in your account numbers.

Do you want to use videos to address your target group but you need support with the implementation? Then contact us! We will be happy to advise you free of charge and without obligation.

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• Business Plans

How to Write a Business Plan: Target Market Analysis

The Business Plan and the Importance of Defining Your Target Market

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

Conducting a Market Analysis

Polling your target market, writing the market analysis, online tools for market research, u.s. online market research sources, canadian online market research, local sources of market research, doing your own market research.

 Creative Commons CC0

The market analysis is basically the target market section of your business plan . It is a thorough examination of the ideal people to whom you intend to sell your products or services.  

Even if you intend on selling a product or service only in your community, you won't be selling that service to everyone who lives there. Knowing exactly what type(s) of people might be interested in buying your product or service and how many of them reside in your projected area or region is fundamental in creating your market analysis.

Once target market data has been established, you'll also work on sales projections within specific time frames, as well as how prospective sales might be affected by trends and policies.

Research is key and cornerstone of any solid  business plan .

Don't Skip This Step!

Don't skip market research; otherwise, you could end up starting a business that doesn't have a paying market.

Use these general terms as linchpins in research data for the market analysis section of your business plan, and to identify your target market:

But don't stop here. To succinctly define your target market, poll or survey members of your prospective clients or customers to ask specific questions directly related to your products or services. For instance, if you plan to sell computer-related services, ask questions relating to the number of computing devices your prospective customers own and how often they require servicing. If you plan on selling garden furniture and accessories, ask what kinds of garden furniture or accessories your potential customers have bought in the past, how often, and what they expect to buy within the next one, three, and five years.

Answers to these and other questions related to your market are to help you understand your market potential.

The goal of the information you collect is to help you project how much of your product or service you'll be able to sell. Review these important questions you need to try to answer using the data you collect:

• What proportion of your target market has used a product similar to yours before?
• How much of your product or service might your target market buy? (Estimate this in gross sales and/or in units of product/service sold.)
• What proportion of your target market might be repeat customers?
• How might your target market be affected by demographic shifts?
• How might your target market be affected by economic events (e.g. a local mill closing or a big-box retailer opening locally)?
• How might your target market be affected by larger socio-economic trends?
• How might your target market be affected by government policies (e.g. new bylaws or changes in taxes)?

One purpose of the market analysis is to ensure you have a viable business idea.

Find Your Buying Market

Use your market research to make sure people don't just like your business idea, but they're also willing to pay for it.

If you have information suggesting that you have a large enough market to sustain your business goals, write the market analysis in the form of several short paragraphs using appropriate headings for each. If you have several target markets, you may want to number each. 

Sections of your market analysis should include:

• Industry Description and Outlook
• Target Market
• Market Research Results
• Competitive Analysis

Remember to properly cite your sources of information within the body of your market analysis as you write it. You and other readers of your business plan, such as potential investors, will need to know the sources of the statistics or opinions that you've gathered.

There are several online resources to learn if your business idea is something worth pursing, including:

• Keyword searches can give you an overall sense of potential demand for your product or service based on the number of searches.
• Google Trends analysis can tell you how the number of searches has changed over time.
• Social media campaigns can give you an indication of the potential customer interest in your business idea.

The U.S. Small Business Administration (SBA) has information on doing your market research and analysis , as well as a list of free small business data and trends resources you can use to conduct your research. Consider these sources for data collection:

• SBA  Business Data and Statistics  
• The U.S. Census Bureau maintains a huge database of demographic information that is searchable by state, county, city/town, or zip code using its census data tool . Community, housing, economic, and population surveys are also available.
• The U.S. Department of Commerce Bureau of Economic Analysis (BEA) has extensive statistics on the economy including consumer income/spending/consumption, business activity, GDP, and more, all of which are searchable by location.

The Government of Canada offers a guide on doing market research and tips for understanding the data you collect. Canadian data resources include:

• Statistics Canada  offers demographic and economic data.
• The  Business Development Bank of Canada (BDC)  offers market research and consulting with industry experts.
• The Canada Business Network provides business information to entrepreneurs by province/territory, including market research data.

There are also a great many local resources for building target market information to explore, including:

• Local library
• Local Chamber of Commerce
• Board of Trade
• Economic Development Centre
• Local government agent's office
• Provincial business ministry
• Local phone book

All of these will have information helpful in defining your target market and providing insights into trends.

The above resources are secondary sources of information, in which others have collected and compiled the data. To get specific information about your business, consider conducting your own market research . For instance, you might want to design a questionnaire and survey your target market to learn more about their habits and preferences relating to your product or service.

Market research is time-consuming but is an important step in affording your business plan validity. If you don't have the time or the research skills to thoroughly define your target market yourself, hiring a person or firm to do the research for you can be a wise investment.​

Small Business Administration. " Market Research and Competitive Analysis. " Accessed Jan. 13, 2020.

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How To Perform A Target Market Analysis For Startups

Having in-depth knowledge about your target customers is the only way to serve them properly. Even if you know who your ideal customer is, success will require you to know where they are, how to reach them, what challenges they face, and more. The better you understand your client, the more effectively you will be able to serve them. The first and most important step to learning about your customers is performing a target market analysis.

In this post, we’re going to explain exactly what a target market is, how to perform a thorough analysis of your target market, and how to use that analysis to implement a better business strategy.

What Is A Target Market?

According to Investopedia , a target market refers to a group of potential customers to whom a company wants to sell its products and services.

No business serves everyone. When your specific customer groups are clear, it becomes much easier to develop an effective and accurate  business plan . A target market is a specific group of potential customers who share similar qualities such as demographics, psychographics, income, location, and more.

Understanding your target market is critical – and not only because of its associated benefits. Companies who fail to understand their target market waste money on ineffective marketing strategies, and struggle to attract new customers.  

There are five things you truly want to understand regarding your target market:

• Who Your Customer Is: How old are they? Where do they live? What do they do for a living? Are they married? Do they have children? What is their education level? Are they homeowners?
• What Your Customer Needs: What are their interests? What do they value? Do you know what they like and dislike? What challenges do they face? What struggles do they have?
• When They Are Likely To Buy: When do they seek a solution to their challenge? Do they purchase in a particular season? When is the best time to approach them with your offer?
• Where They Can Be Reached: Where do they find out about new products? Where do they search for solutions? What places do they turn for advice and insight into their particular challenge?
• Why They Will Buy From You: Why aren’t their problems being solved currently? Why haven’t competitors been able to provide a solution? Is there a specific reason why will they choose you? Why would they pay you, specifically, for your product or service?

How to Perform a Target Market Analysis

Before  writing a business plan , you must understand your target market. The key to understanding your market is to perform an in-depth target market analysis. A proper market assessment includes segmenting the market into niche consumer groups and understanding the needs and desires of each of those groups.

There are several ways to identify and analyze your specific target market. Use these methods together to learn more about your customers, their challenges, and your potential to serve them.

Gather Secondary Research

The easiest way to identify and learn more about your target market is to tap into existing research. A quick Google search may bring up several studies of your market or surveys of consumers within that market.

Research to find what challenges each type of customer deals with. Does your product or service solve their challenge?

Through this research, you may find that a problem you thought existed for a specific consumer group isn’t really a problem for them at all. Or you may find that while there is a problem, only very few individuals within the target market actually suffer from that problem. Hopefully, you will find that there is a huge existing challenge and that your product/service is the perfect solution.

Secondary data can be tricky. Don’t just pull the first stat that you see, but make sure that you’re pulling the right information from the right sources. Here are some tips for gathering proper secondary research:

• Make sure that you are gathering data from reputable sources –  research centers, large corporations who invest heavily in R&D, government organizations, and etc.
• Check the details of the study –  Make sure the sample size is large enough and that the individuals used in the sample truly represent your target market.
• Look for recent and up-to-date studies –  The market changes rapidly. For example, the way individuals felt about mobile dating five years ago may be completely different than how they feel about it today. Make sure your secondary research represents the consumer of today. Aleska, who runs a store selling cremation urns performed research to understand the market better. Studies showed that Western countries in the last decade have increased cremation rates. A simple shift in the marketing message allowed him to grow his business without increasing marketing activities or budgets.

Use the 5Ws to make your research most effective. Consider the following questions:

• Who is being affected by a specific challenge?
• What are their complaints and what are they currently doing about it?
• When do they experience the problem and when do they seek a solution?
• Where do they reside and where do they search answers to their challenges?
• Why is this the right market to address with your product or service and why should they choose you?

Analyze Competitors

Performing a competitive analysis is a great way to learn more about your customers and the overall landscape of the industry. In some cases, analyzing competitors may introduce you to new target markets that you didn’t originally intend to serve.

Conduct a deep analysis of your competitors. Analyze their social media pages to see what type of consumers interact with their content. Inspect their websites to see what customer markets they target their sales copy towards. If they have a blog, examine it and determine what type of customer they are writing their content for.

Explore their feedback and reviews to determine what qualities consumers enjoy about their products/services, and which qualities they don’t. Read what customers say about your competitors and determine how successful each of them is in serving your target market.

Use the 5Ws to make your competitive analysis more effective. Consider the following questions:

• Who is currently serving the target market and who has the largest share of consumers?
• What are they doing to reach consumers and what solution are they offering?
• When did they launch and how established are they within the market?
• Where do they operate and where do they market their services to customers?
• Why can your company serve the target market better than these competitors?

Perform Primary Research

The best type of research you can gather for your analysis is primary research. This includes data that you gather on your own by interacting with real consumers within your target market.

Conducting primary research means getting off of Google and actually finding where your customers are. Then, speak with them and learn about their true desires. Here are several ways you can perform effective primary research to strengthen your market analysis:

• Forums:  Online forums and social media groups are a great way to find pre-established communities of individuals with similar interests or qualities. On these platforms, individuals within the market often congregate together to discuss the challenges they face.
• Meetups:  People also form groups offline through meetups. For example, a company offering a product to web developers can easily find a group of developers in any major city, since developer meet-ups are extremely common. These events are great for networking, meeting potential customers, and generating first-hand customer feedback.
• Surveys & Interviews:  Once you’ve located consumers from your target market, collect the data you need through surveys and interviews. Ask them about the issues that they face, how they solve their problems, and how you could help them solve their problem better. Face-to-face interviews are often the best way to get real-time feedback from potential customers.
• Market Tests:  An effective way to learn about your market is to perform market tests. Use landing pages to showcase your solution and use ads to send targeted traffic to the page. Test to see how these potential customers respond. You can even build a pre-registration form for the page to test how many of these individuals convert from visitor to interested buyer. Tracking metrics from these market tests are an excellent way to prove your concept and raise initial  app funding .

Using Your Analysis to Define Strategy

The entire point of conducting a target market analysis is to convert the results into an effective strategy that can lead to tangible business gains. When you write an app business plan, the target market analysis is core to the entire strategy.

For a new startup, the objective may be to learn more about their audience so that they can better strategize their launch marketing efforts. An established business, however, may seek to identify new market gaps that the business and its competitors have not yet addressed.

Once you have performed a target market analysis, there are several things that you can do to convert your results into a strategic plan.

1) Create Customer Profiles

A customer profile takes all the information that you have gathered about a specific customer type and transforms that information into a “real” customer.

In other words –  if you had an ideal customer, who exactly would they be?

Give them a name and a personality. Describe their background, the challenges they face, and the qualities that they seek in a valid solution. In other words, bring them to life.

Example – MADE App

Let’s say you are a mobile on-demand Make-Up Artist app called MADE that targets late-nighters in high-profile cities like New York. Here is an example of a customer profile you might add to your business plan.

2) Identify New Problems

Companies are able to gain a major competitive advantage when they can identify problems and issues that no other competitors have addressed. For startups, identifying these problems can lead to new product developments and can give the brand a first-mover advantage.

Consider observing your ideal customer for a day. If your target market consists of plumbers in Detroit, for example, do a ride-along with a plumber to see what challenges they face throughout the day. Identify things that bottleneck their processes, or struggles that they seem to face often. Sometimes, people can’t explain the problems that they deal with on a daily basis. However, if you observe them long enough, you will begin noticing specific patterns of challenges that they deal with frequently.  

3) Establish New Marketing Channels

Mass marketing is the least effective and most wasteful type of marketing strategy. The best way to maximize your marketing budget is to market directly towards the consumers that are most likely to purchase your product. The more you know about your customer, the easier it will be for you to reach them.

Find out where your consumers are, what influencers they pay attention to, what books they read, and who they follow online.

Identify their customer process as they make their way down the purchase funnel. What types of questions do they ask when they are first being introduced to a solution? What questions do they ask when they are seeking to make a purchase?

As you learn the answers to these questions, you will be able to implement better marketing strategies. Instead of blindly marketing to everyone, you will know exactly where your target customers are and how they prefer to be introduced to new products and services.

Sometimes, startups are able to better understand and engage with the market than larger brands can. A proper target market analysis can give you the edge you need to level the playing field with more established competitors.

An Ongoing Analysis

Unfortunately, you’re never really  finished  with a target market analysis. Markets don’t stay the same forever. The needs of customers change. The competitive landscape frequently loses and gains players. The point is, you should perform a target market analysis on a consistent basis to always stay updated on who your market is and what solutions they require.

Our business plan consultants perform target market analyses on a daily basis. Need help identifying your customer markets for your business plan? We’d love to help.  Contact us  today to speak with one of our startup experts.

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Home > Business Plan > Target Market in a Business Plan

Target Market in a Business Plan

… we are targeting this part of the market …

What is the Target Market?

Target Market Segments

Your product will not be of equal interest to all potential customers, as they do not all have the same needs and characteristics. This section of the business plan deals with the analysis of the target market into different groups of customers (customer or target market segments) each having distinct characteristics and needs from the product.

The target market segmentation strategy depends on the business and the product, but generally segmentation falls into the following customer characteristics groups.

Psychographic segmentation

Psychographic segmentation splits up a sales market of a business based on such things as the social class, lifestyle choices, personality traits, tastes, attitudes, and the opinions of its customers.

Psychographic market segmentation examples include the promotion of products such as cars as these often reflect a customers lifestyle, and leisure activities. For example, a car business might identify customers who are interested in keeping the environment green and promote hybrid cars to them, or a business involved in activity holidays will seek to market to customers who show a preference for an active lifestyle.

Demographic segmentation

• Social class
• Size of family
• Nationality

Geographic Segmentation

Geographic segmentation is the process of splitting up a sales market of a business based on the geographical location of the customers. It is a particularly important marketing tool when the business is a multinational, worldwide business, but is also used by businesses to split their markets into region, county, state, city, neighborhood, or postal code.

A geographic segmentation example would be seasonal clothing items such as coats and swimwear. In contrast, in a colder climate coats would be marketed and sold all year round whereas swimwear would be highly seasonal during the holiday period. In a hot climate swimwear would be the all year round product and winter coats might not be sold at all.

Behavioral segmentation

Behavioral segmentation is the process of splitting up the sales market based on brand loyalty, usage, benefits required.

Target Market Presentation in the Business Plan

The business plan target market section can be presented in a number of formats, but a listing of the major customer segments together with a pie chart will show the investor where the main potential for the product lies. In the example below, the market is split into four main segments both in terms of number of customers and percentage of the total target market.

The average customer spend is also included, to reconcile the total target market back to the served available market (SAM) in monetary terms. Finally, a brief statement about the growth prospects for the market is included to show the investor the potential for growth in your chosen customer segments.

When identifying the target-market segments, it is important to be as specific as possible about the customer characteristics which make up each segment. In choosing which segments to concentrate on, take into account the size and potential for growth of each segment, and identify clearly what benefits, both emotional and financial, the product provides for the customer.

This is part of the financial projections and Contents of a Business Plan Guide , a series of posts on what each section of a simple business plan should include. The next post in this series is about the analysis of the competition for the target-market.

About the Author

Chartered accountant Michael Brown is the founder and CEO of Plan Projections. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.

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What Is a Target Market (And How to Find Yours)

The better you understand your target market, the more you’ll be able to focus your ads and reach the audience most likely to convert into customers.

Table of Contents

Your target market sets the tone for your entire marketing strategy — from how you develop and name your products or services right through to the marketing channels you use to promote them.

Here’s a hint before we dig in: Your target market is not “everyone” ( unless you’re Google ). Your task in defining your target market is to identify and understand a smaller, relevant niche so you can dominate it. It’s all about narrowing your focus while expanding your reach.

In this guide, we’ll help you learn who’s already interacting with your business and your competitors, then use that information to develop a clear target market as you build your brand .

Bonus: Get the free template to easily craft a detailed profile of your ideal customer and/or target audience.

What is a target market?

A target market is the specific group of people you want to reach with your marketing message . They are the people who are most likely to buy your products or services, and they are united by some common characteristics, like demographics and behaviors.

The more clearly you define your target market, the better you can understand how and where to reach your ideal potential customers. You can start with broad categories like millennials or single dads, but you need to get much more detailed than that to achieve the best possible conversion rates.

Don’t be afraid to get highly specific. This is all about targeting your marketing efforts effectively, not stopping people from buying your product.

People who are not included in your targeted marketing can still buy from you—they’re just not your top focus when crafting your marketing strategy. You can’t target everyone, but you can sell to everyone.

Your target market should be based on research, not a gut feeling . You need to go after the people who really want to buy from you, even if they’re not the customers you originally set out to reach.

What is target market segmentation?

Target market segmentation is the process of dividing your target market into smaller, more specific groups. It allows you to create a more relevant marketing message for each group.

Remember — you can’t be all things to all people. But you can be different things to different groups of people.

For example, as a vegetarian, I’ve eaten plenty of Impossible Burgers. I’m definitely a target customer. But vegetarians are a surprisingly small target market segment for Impossible Foods: only 10% of their customer base.

That’s why Impossible Foods’ first national advertising campaign was definitely not targeted at me:

https://www.facebook.com/ImpossibleFoods/videos/158779836141556

The target market segment for this ad campaign was “meat eaters who haven’t yet tried Impossible products.”

Vegetarians and meat eaters have different reasons for eating plant-based burgers and want different things from the experience. Target market segmentation ensures the company reaches the right audience with the right message.

How to define your target market

Step 1. compile data on your current customers.

A great first step in figuring out who most wants to buy from you is to identify who is already using your products or services. Once you understand the defining characteristics of your existing customer base, you can go after more people like that.

Depending on how someone connects with your business, you might have only a little information about them, or a lot.

This doesn’t mean you should add a lot of questions to your order or opt-in process just for audience research purposes — this can annoy customers and result in abandoned shopping carts.

But do be sure to use the information you naturally acquire to understand trends and averages .

Your CRM is a goldmine here. UTM parameters combined with Google Analytics can also provide useful information about your customers.

Some data points you might want to consider are:

• Age: You don’t need to get too specific here. It won’t likely make a difference whether your average customer is 24 or 27. But knowing which decade of life your customers are in can be very useful.
• Location (and time zone): Where in the world do your existing customers live? In addition to understanding which geographic areas to target, this helps you figure out what hours are most important for your customer service and sales reps to be online, and what time you should schedule your social ads and posts to ensure best visibility.
• Language: Don’t assume your customers speak the same language you do. And don’t assume they speak the dominant language of their (or your) current physical location.
• Spending power and patterns: How much money do your current customers have to spend? How do they approach purchases in your price category?
• Interests: What do your customers like to do, besides using your products or services? What TV shows do they watch? What other businesses do they interact with?
• Challenges: What pain points are your customers facing? Do you understand how your product or service helps them address those challenges?
• Stage of life: Are your customers likely to be college students? New parents? Parents of teens? Retirees?

If you’re selling B2B products, your categories will look a little different. You might want to collect information about the size of businesses that buy from you, and information about the titles of the people who tend to make the buying decisions. Are you marketing to the CEO? The CTO? The social marketing manager?

Step 2. Incorporate social data

Social media analytics can be a great way of filling out the picture of your target market. They help you understand who’s interacting with your social accounts, even if those people are not yet customers.

These people are interested in your brand. Social analytics can provide a lot of information that might help you understand why. You’ll also learn about potential market segments you may not have thought to target before.

You can also use social listening to help identify the people who are talking about you and your product on social media, even if they don’t follow you.

If you want to reach your target market with social ads, lookalike audiences are an easy way to reach more people who share characteristics with your best customers.

Step 3. Check out the competition

Now that you know who’s already interacting with your business and buying your products or services, it’s time to see who’s engaging with the competition.

Knowing what your competitors are up to can help you answer some key questions:

• Are your competitors going after the same target market segments as you are?
• Are they reaching segments you hadn’t thought to consider?
• How are they positioning themselves?

Our guide on how to do competitor research on social media walks you through the best ways to use social tools to gather competitor insights.

You won’t be able to get detailed audience information about the people interacting with your competitors, but you’ll be able to get a general sense of the approach they’re taking and whether it’s allowing them to create engagement online.

This analysis will help you understand which markets competitors are targeting and whether their efforts appear to be effective for those segments.

Step 4. Clarify the value of your product or service

This comes down to the key distinction all marketers must understand between features and benefits. You can list the features of your product all day long, but no one will be convinced to buy from you unless you can explain the benefits .

Features are what your product is or does. The benefits are the results. How does your product make someone’s life easier, or better, or just more interesting?

If you don’t already have a clear list of the benefits of your product, it’s time to start brainstorming now. As you create your benefit statements, you’ll also by default be stating some basic information about your target audience.

For example, if your service helps people find someone to look after their pets while they’re away, you can be pretty confident that your market will have two main segments: (1) pet owners and (2) existing or potential pet-sitters.

If you’re not sure exactly how customers benefit from using your products, why not ask them in a survey, or even a social media poll ?

You might find that people use your products or services for purposes you haven’t even thought of. That might, in turn, change how you perceive your target market for future sales.

Step 5. Create a target market statement

Now it’s time to boil everything you’ve discovered so far into one simple statement that defines your target market. This is actually the first step in creating a brand positioning statement , but that’s a project for another day. For now, let’s stick to creating a statement that clearly defines your target market.

For example, here’s Zipcar’s brand positioning statement, as cited in the classic marketing text Kellogg on Marketing . We’re interested in the first part of the statement, which defines the target market:

“To urban-dwelling, educated, techno-savvy consumers who worry about the environment that future generations will inherit, Zipcar is the car-sharing service that lets you save money and reduce your carbon footprint, making you feel you’ve made a smart, responsible choice that demonstrates your commitment to protecting the environment.”

Zipcar is not targeting all residents of a particular city. They’re not even targeting all the people in a given city who don’t own a car. They’re specifically targeting people who:

• live in an urban area
• have a certain degree of education
• are comfortable with technology
• are concerned about the environment

These are all interests and behaviors that Zipcar can specifically target using social content and social ads .

View this post on Instagram A post shared by Zipcar (@zipcar)

They also help to guide the company’s overall approach to its service, as evidenced by the rest of the positioning statement.

When crafting your target market statement, try to incorporate the most important demographic and behavior characteristics you’ve identified. For example:

Our target market is [gender(s)] aged [age range], who live in [place or type of place], and like to [activity].

Don’t feel like you need to stick to these particular identifiers. Maybe gender is irrelevant for your market, but you have three or four key behaviors to incorporate in your statement.

If you offer multiple products or services, you might need to create a target market statement for each market segment. In this case, it’s useful to define buyer personas .

Target market examples

Nike target market.

Despite its current market domination, Nike actually provides a great example of what can go wrong when you try to target too general of an audience.

Nike started out as a running shoe company. In the 1980s, they tried to expand their target market beyond runners to include anyone who wanted comfortable shoes. They launched a line of casual shoes, and it flopped.

Here’s the thing: Non-runners were already buying Nike shoes to walk to work, or for other casual purposes. Nike spotted this as an opportunity to expand. Instead, they diluted their brand promise, and the company actually started losing money.

The lesson, according to company founder Phil Knight?

“Ultimately, we determined that we wanted Nike to be the world’s best sports and fitness company and the Nike brand to represent sports and fitness activities. Once you say that, you have focus.”

While Nike would certainly not stop casual users from buying its shoes, the company refocused everything from product development to marketing on its target market: athletes of all levels, from pro to beer league.

In fact, understanding the importance of focus led Nike into a highly effective strategy of target market segmentation. The brand has multiple target markets for its various product lines.

On social, that means they use multiple accounts to reach their different target market groups. No one account tries to be all things to all customers.

The post below from Nike’s general Instagram account targets the segment of their audience interested in fashion and lifestyle products.

View this post on Instagram A post shared by Nike Basketball (@nikebasketball)

But the company also has channels dedicated to specific sports. Here’s an example of the content they create for runners:

View this post on Instagram A post shared by Nike Running (@nikerunning)

And that means … the brand has been able to return to marketing its products specifically for casual wear. It just reaches the casual target market through different channels than it uses for its athletic markets. It’s a different target market segment, and a different marketing message

View this post on Instagram A post shared by Nike Sportswear (@nikesportswear)

Like Nike, you might have one target market, or many, depending on the size of your brand. Remember that you can only speak effectively to one target market segment at a time.

Takasa target market

Takasa is a Canadian retail homewares company that specializes in organic, fair trade bedding and bath linens.

Here’s their target market as defined by founders Ruby and Kuljit Rakhra:

“ Our target market is the LOHAS segment, which means Family Lifestyles of Health and Sustainability. This group of people is already living, or striving to live, a green lifestyle … We know our target demo is very conscious about what their families consume, as well as the impact this consumption has on the environment.”

In their social content, they clearly identify the product features most important to their target market: organic materials and fair labor practices.

View this post on Instagram A post shared by Organic + Fairtrade Home Goods (@takasa.co)

The City of Port Alberni’s target market

Why does a city need a target market? In Port Alberni’s case, the city is working to “attract investment, business opportunities and new residents.” To that end, they launched a rebranding and marketing campaign.

And a marketing campaign, of course, needs a target market. Here’s how the city defined it:

“ Our target market is young people and young families 25 to 45 years of age who are entrepreneurial-minded, family oriented, adventurous, enjoy an active lifestyle, desire an opportunity to contribute to growth, well-educated and skilled professionals or tradespeople.”

In their social content, they highlight recreational opportunities aimed at those active and adventurous young families, even using the handle @PlayinPA.

View this post on Instagram A post shared by City of Port Alberni (@playinpa)

White House Black Market target market

White House Black Market is a women’s fashion brand. Here’s how they describe their target customer on their website :

“Our customer … is strong yet subtle, modern yet timeless, hard-working yet easy-going.”

That’s a fine description when talking directly to customers. But the marketing department needs a target market definition with a few more specifics. Here’s the detailed target market as described by the company’s former president:

“ Our target market is women [with a] median age of about 45 … at a stage in her life where she’s very busy, primarily a working woman. She’s probably got one or two kids left at home [or] … her children may be out of the house and on their way to college.”

With their hashtag #WHBMPowerhouse, they focus on this key demographic of women in their 40s with busy home lives and careers.

View this post on Instagram A post shared by White House Black Market (@whbm)

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arget market segmentation helps you market better to potential customers. It's crucial to boost sales and increase the chances of long-term success.   Let's take a closer look at what this term means and how you can use it to focus your marketing efforts.

What is Target Market Segmentation, and Why Does It Matter?

Target marketing segmentation is where you divide your potential customers into segments. You'll then focus on a few segments (or groups of people) that align most with your product or services. Doing so helps you tap into their needs and desires to attract new sales and increase longevity.   You can also drill it down further by creating a marketing strategy for more specific groups of people  -  such as using different promotions and how you deliver your products or services. That way, it helps your marketing campaigns be more cost-effective, allowing you to spend time only on one focus at a time.   Let's say you have a wedding and event photography business . Instead of spending thousands of dollars on print ads in random publications, you'll first see who your target customers are. Based on this information, you'll then focus your marketing campaigns by placing ads in publications where your target audience is most likely to see them. That way, it'll increase the chances you'll get a return on your investment.  

How Do I Segment My Target Market?

The good news is that you can approach segmenting the market in many ways based on your company's market research. Four common ways are behavioral, demographic, geographic, and psychographic segmentation.  Here's a bit more detail on the types of market segmentation:  

Behavioral Segmentation

This segment looks at how consumers interact with brands and products. For instance, you can look at which platforms your ideal customer most frequents, their social media usage, and their customer journey online.  

Demographic Segmentation

Businesses tend to feel this is the most important criteria to identify their target market. These include age, gender, education level, income level, social class, nationality, family size, marital status, and religion. Knowing these demographics about your ideal customer can help you with how you want to create marketing campaigns (Gen Xers may not understand the slang Gen Z tends to use, for instance).  

Geographic Segmentation

Yes, this segment has to do with details on a consumer's location or where they live. Aside from nationality, you can consider their state, county, town, or city.

Psychographic Segmentation

Businesses can look at elements such as parts of a consumer's personality traits  -  like whether they lean towards being an extrovert or introvert. You can even consider a consumer's belief systems and lifestyles and consumer behavior.  

How to Effectively Create Target Market Segmentation

Creating a target market analysis will help you understand the types of consumers you need to market to and will even help you break into niche markets. Don't worry; creating one isn't a difficult task, though you'll want to make sure you take the time to get it right to ensure effective marketing messages.   Here are four steps you can take.  

1. Gather Accurate and Current Data

Gathering details from outside sources can be incredibly valuable to help you gain better insights into your market segment, potential customers, and even your industry as a whole. Plus, if you're just starting out, you may not have enough internal data to get a good enough view of what customer groups you need to target based on customer needs.   The challenge when gathering data is that there is plenty out there. Make sure what you're using is both current and accurate.  

2. Divide up Market Based on Chosen Characteristics

Now's the time to wade through data and eliminate what isn't relevant to your target market. You'll want to create customer segmentations. Consumers who are most likely attracted to your brand, product, or service will share the same types of characteristics. Identifying these will ensure you're efficient when creating your messaging in your marketing campaigns.  Here are some questions to help you get the ball rolling:

• What do my target customers have in common?
• How does my target customer research products and services?
• How does my target define themselves?

Once you have some shared characteristics, you can then use them to create customer profiles or personas. It will also help give you even better insight into what really matters to them, plus any trends and insights to help you develop more ideas to increase sales.  

3. Gather Intel on Your Competitors

Understanding the competition in the market is critical. This will tell you exactly what your product or service is up against and what tactics you need to take on to compete.  Ask questions like:  How many businesses have a comparable offering to you?  What's their pricing structure?  What reach do they have?  Who do they appeal to most?  You may find that one group of people is very well served by competitors while another group has yet to be tapped into.  Answering these questions will help you identify the most profitable group to target in your marketing plans, as well as identify what types of marketing communications may or may not have worked prior.

4. Use Market Segmentation As Part of Your Business Plan

Now that you've identified your target segment, it's time to use this knowledge as part of your overall business plan. Yes, you want to use the data to create better marketing plans, but this data can also help you tap into other insights. Think about how you can develop new products and services, order the right amount of stock, and even anticipate demand at certain months of the year.   That is the essence of knowing your market. For instance, if you know you want to test certain products, look at how you can further segment your target market to see whether you should include this new item as part of your regular offerings. Or, if you know that sales are slow at a particular time of the year, you can look at the data to create campaigns to encourage quick sales.  

Using Target Market Segmentation in Your Marketing Strategy

All in all, the goal of target market segmentation is to inform your company's overall business and marketing strategy. It'll help you easily create goals and develop ideas that are more audience-centric.   Doing so means you know what they want and when they want it. This will increase brand loyalty in your customer base. Imagine how your business will benefit from this wealth of knowledge!

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6 Real-Life Target Audience Examples to Help You Define Your Own (B2B and B2C)

Target audience research allows you to better understand your potential customer(s) and their underlying pain points.

The more you drill down into your high-value audience groups through strategic market segmentation, the closer you are to your next sale.

Learn the ins and outs of target marketing with plenty of examples to inform your strategy.

What Is a Target Audience?

How a target audience differs from a buyer persona, how psychographic and demographic data informs marketing campaigns.

• How To Analyze and Define Your Target Audience

Do Target Audiences Vary by Channel?

3 b2b target audience examples.

• 3 B2C Target Audience Examples

A target audience is a group of consumers within a predefined target market that has been identified as the best recipients for a particular marketing message. And a target market broadly describes B2C or B2B consumers who care about your product or service and, under the right conditions, are most likely to spend money with your company.

An audience is a segment within that market.

For example, the target market for an online bookkeeping tool might include businesses with over $500K in annual revenue.

So a target audience profile for our bookkeeping program might be technology stakeholders with influence on decision-makers at companies that haven’t reviewed their accounting software needs in over two years. It’s much more specific than our target market, which is important because we can craft content marketing collateral that speaks directly to the challenges and needs of this influential group.

To create effective messaging within your marketing campaigns, you first need to define your target audience.

When marketers try to appeal to the broadest possible audience for their products and services, they often end up feeling exhausted without much to show for their efforts. Their messaging seems inauthentic and doesn’t really resonate with anyone in particular.

To create effective messaging within your marketing campaigns, you first need to define your target audience. Doing so will help you engage key decision-makers and eventually convert them into loyal customers.

At this point, you might be asking, “Isn’t that just a buyer persona?” And while the two concepts are similar, they are distinct enough to warrant further discussion.

A buyer persona is a fictional character who represents one of your ideal customers . They have names, occupations, likes and dislikes, as well as challenges and ambitions.

While target audiences are valuable tools for many types of content marketing campaigns, buyer personas tend to be more useful in a B2B context, because they focus on challenges and business information. For example, a B2C company that sells protein bars would not need to create multiple personas, because people from many backgrounds and with varying job titles might purchase their products.

In a B2B context, targeting personas can be extremely valuable, especially when employing content marketing strategies. A SaaS company might create personas for each stakeholder involved in the buying process, for instance. An HR persona might be interested in blog content that addresses common pain points, while a CFO persona would be more interested in white papers with lots of data.

Personas aren’t entirely without value to B2C marketers, however. They can serve as useful guides when crafting messages to engage and inform consumers.

A persona typically includes:

• Personal information: Name, age and geographic location.
• Content preferences: Favorite channels, content formats, tone and style.
• Business background information: Job title, level of influence in decision making processes.
• Objectives: Measurable goals related to the persona’s job.
• Challenges: Frustrations and pain points standing in the way of the persona’s goals.

Your target audiences should be informed by both demographic and psychographic information. The former category describes your intended audience on a superficial level, while the latter describes their motivations.

• Demographics may include cursory information such as gender, age, income and marital status.
• Psychographics include personal interests, attitudes, values, desires and specific behaviors.

When defining and targeting an audience, demographics will only get you so far. For example, if you’re promoting a B2B SaaS solution, your specific audience may be made up of men and women ages 35-49 who earn more than $100,000 annually. That’s all good information to have, but it applies to too broad of a cohort.

Psychographic data for this specific audience could include: worrying about lost resources throughout a supply chain, wanting to eliminate redundancies, or being skeptical of flashy new technology.

Combined, demographic and psychographic information can help you fine-tune your audience targeting goals.

Combined, demographic and psychographic information can help you fine-tune your audience targeting goals. The challenge is where to find this data. Psychographic research may include interviewing existing clients, conducting polls and analyzing your site traffic.

How to Analyze and Define Your Target Audience

Defining the target audience for a particular marketing campaign requires data. Unfortunately, there isn’t a crystal ball that can tell you how to adjust your messages to bring in the right audience. But that’s not to say you can’t trust your gut.

You know your business better than anyone, so combine that experience with hard data to generate a market segment and target audience that is characteristically human, and also strategically defined by scientifically gathered data.

A Three-Step Approach To Defining A Target Audience

1. Conduct target customer research

Your business plan, content marketing strategy, professional experience and prior knowledge of your target customers will lay the foundation for your research. Compile all of your existing intelligence on your target market, and look for opportunities to learn more about it. For example, you might know that most of your customers are senior-level business people, but you may not know if they all have the same job title, or if they all consume content through the same channels.

To uncover key audience insights, use Google Analytics to drill down into your site traffic and perform a deep audience analysis. Custom audience reports can show you demographic and psychographic data, geographic locations as well as the types of technology your site visitors use.

2. Analyze the market

Once you know a little more about your target customers and have compared that data with your business process or goals, it’s time to get some context. Not only are you attempting to place the right messages in front of the right people at the right time, but you’re also competing with potentially thousands of other messages.

Review your competitors’ marketing efforts and business plans to better understand what you’re up against. Likewise, you’ll want to be aware of any other campaigns your business is currently running, as you don’t want to cannibalize your share of audience attention.

3. Define the audience

With hard data in tow and a thorough understanding of your audience’s interests, challenges and needs, it’s time to create a concise target audience to which you can direct your content marketing efforts.

Ask yourself these questions as you work to define your target audience:

• What problems does your product or service solve?
• Which demographic characteristics influence the decision-making process?
• Which psychographic traits impact content consumption?
• How does your audience prefer to engage with brands similar to yours?
• Is your audience segment large enough?

That last question is particularly important, because it will prevent you from sinking resources into ultra-niche campaigns with low ROI. Niche marketing is certainly a useful tactic, but your target audiences should represent a group large enough to reach through social and organic channels.

Knowing your intended audience is only one half of the equation. The next step in the target audience analysis process is to determine where this group consumes content so you can develop an actionable marketing strategy.

Depending on the demographic and psychographic data you’ve collected, some channels will be more effective at engaging your intended audience than others. For instance, some decision-makers in a market segment may be more likely to open an email than to click on a social media ad.

Within channels, a specific audience may prefer unique platforms. B2B buyers are more inclined to seek out information on LinkedIn than Instagram, for example.

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(Keep in mind the following custom audiences are meant to inform specific campaign messages! These companies may have different audience segments for other targeting efforts. Each example is based on a real client I’ve worked with.)

1. Bookkeeping SaaS Solution

Key demographics

• Age range: 35-49.
• Gender: 65% male, 35% female.
• Common job titles: Head of Digital, Senior Accountant, Chief Financial Officer.

Key psychographics

• Values job security.
• Likes to review all the data before making a decision.
• Striving for a better work-life balance.
• Skeptical of solutions that promise to solve all their problems.
• Their current digital solution is showing its age.
• Current lack of third-party integration is slowing down internal processes.
• Boss/shareholder demands are making work stressful.

Preferred channels

• Email for first contact, then phone conversations.
• Browses social media platforms like LinkedIn , mostly looking for news.

Preferred content types

• Data-rich white papers.
• Case studies.

2. Business Travel Company

• Age range: 30-55.
• Gender: 70% female, 30% male.
• Common job titles: Procurement Officer, Travel Buyer, Supplier Relations Expert.
• Values relationships when working with suppliers.
• Dislikes working on repetitive, mundane tasks.
• Is wary of handing off responsibilities to a third party.
• Suppliers fail to deliver on promised rates.
• Doesn’t have enough data to make informed decisions.
• Not familiar with ground-level travel concerns.
• Looks for answers via organic search.
• Communicates with other procurement professionals on social media platforms.
• Easily digestible blog posts.

3. Facility Security Services

• Age range: 45-60.
• Gender: 80% male, 20% female.
• Common job titles: Facility Manager, Head of Security.
• Doesn’t like drawn-out negotiations.
• Likes to be prepared for everything; gets nervous when things are uncertain.
• Prefers to get pitches from two or three companies before making a decision.
• Needs to save costs, but isn’t willing to sacrifice quality of service.
• Needs a third-party supplier with technology integrations.
• Email for marketing materials.
• Blogs and news sites for industry trends.
• Data-rich infographics.
• Email newsletters.

B2C Target Audience Examples

4. athletic shoes.

• Age range: 18-29
• Gender: 60% male, 40% female
• Wants to look stylish, but doesn’t like to follow trends.
• Looks up to sports figures.
• Strongly values friendships and community.
• Loyal to one or two athletic brands.
• Finding athletic footwear that is both stylish and comfortable.
• Loves the look of designer sneakers, but can’t afford them.
• Follows athletes and influencers on social media.
• Watches sponsored events on YouTube.
• Looks for exercise tips on Google.
• Social media posts.
• Image-rich articles.

5. Organic Protein Bars

• Age range: 18-35.
• Gender: 50% female, 50% male.
• Strives to eat food that is nutritious and sustainable, but isn’t always successful.
• Loves to hang out with friends in nature.
• Feels loyalty toward brands with values similar to their own.
• Finds it difficult to eat healthy food when they’re busy.
• Has a limited food budget.
• Needs a protein source that is compact and easy to transport.
• Follows nature photography accounts on Instagram.
• Watches supplement reviews on YouTube.
• Follows health gurus on Twitter.
• Event marketing.

6. Credit Union Mortgage Products

• Age range: 25-39.
• Gender: 50% male, 50% female.
• Enjoys spending time with friends and family at home.
• Tries to spend their money wisely, but isn’t always sure how to do that.
• Craves stability, but fears another economic recession.
• Feels anxious every time they think about having a mortgage.
• Is thinking about mortgages for the first time ever.
• Unclear on the difference between a bank and a credit union.
• Reads online news sites.
• Downloads how-to guides online.
• Watches home-hunting videos on YouTube.

When you have well-defined, custom audiences informed by strong research, you can stop waiting for buyers to stumble upon your brand and start actively pursuing them with precise messaging.

Editor’s note: Updated November 2021.

By Michael O'Neill

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated March 18, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information you need to cover in a business plan sometimes isn’t quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

If you’re looking for a free downloadable business plan template to get you started, download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

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One-page plan template

Download a free one-page plan template to write a useful business plan in as little as 30-minutes.

Sample business plan library

Explore over 500 real-world business plan examples from a wide variety of industries.

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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Target market – calculate the size and potential of your audience

Our experts

Written and reviewed by:.

When starting your business, most likely on a shoestring budget, there’ll be many things you’ll have to forgo initially in order to keep costs down, but the one thing you won’t be able to survive long without is customers.

So, a pivotal point in starting your business will be sizing up your market and finding out how many customers you can potentially sell to, who these people actually are, what traits they share, and who they’re already buying from.

At Startups.co.uk, we're here to help small UK businesses to get started, grow and succeed. We have helpful resources for helping new businesses get off the ground – you can use the tool below to get started today.

What Does Your Business Need Help With?

There are four steps to take when measuring your market:

Step one: market size calculation, step two: target market analysis.

• Step three: Divide your market into target audiences

Step four: Identify potential competitors

The size of the market you intend to get into is a key figure that will be used by anyone reading your business plan, yourself included. That figure represents the total scope of the opportunity ahead and is the starting point in shaping your marketing strategy.

Thankfully, finding this magic figure isn’t too difficult – at least in theory.

Some simple desk research (secondary data available in published form, accessible either online or via business sections of public libraries throughout the UK) should provide lots of statistics with varying degrees of reliability.

You should use this process to try and finetune who exactly you’re selling to – as an over-optimistic market appraisal will lead to bloated sales forecasts, create a bigger marketing budget than necessary and instil a large degree of distrust among potential investors who’ll see your optimism as misplaced arrogance, poor business acumen, and a risk not worth not taking.

Generally, there are two different approaches when it comes to calculating the size of your market – a top-down, or bottom-up analysis.

While in theory, you could only undertake one approach when researching potential customers, it’s preferable that you do both.

A top-down analysis : A top-down analysis is completed by calculating the entire total market you’ll be entering and then estimating your share of that market.

For example, the UK clothing market is worth £51.2bn. Even if your business is targeting a market share of just 0.5%, that’s still £256,000,000. Naturally, a top-down analysis is often widely optimistic.

A bottom-up analysis : A bottom-down analysis is completed by estimating potential sales in order to calculate an overall sales figure. It takes into account where products can be sold, the sales of comparable products, and the slice of current sales you can carve out. While it is a lot more work than a top-down analysis, the final figure will often be much more accurate.

Colin Barrow, author of Business Plans for Small Businesses, gives the following example of how entrepreneurs should start to think more precisely when working out who they’ll be selling to.

“If bread is your business you will be able to discover rapidly that the consumption of bread in Europe is £10bn a year. But bread is a very broad industry. The industry-wide definition of bread includes sliced and unsliced bread, rolls, bakery snacks and speciality breads. It covers plant- baked products, those that are baked by in-store bakers, and products sold through craft bakers.

“Assessing the relevant market, then, involves refining global statistics to provide the real scope of your market. If your business only operates in the UK the market is worth over £2.7bn, equivalent to 12 million loaves a day, one of the largest sectors in food. If you are only operating in the craft bakery segment, the relevant market shrinks down to £13.5m; this in turn contracts still further to £9.7m if you are, say, only operating within the M25.

“This is the hurdle that nine out of every 10 business plans fail to cross. Entrepreneurs like to think big, but a business plan based on attacking the £10bn European bread market, rather than the much smaller near £10m market for craft bread products they are really going into, will lack all credibility.”

Once you’ve determined how to calculate market size, you then need to assess its value.

These are four useful rules to help you decide if a market segment is worth building into your business plan.

• Measurability: Measurability is all about estimating how many customers you’re looking to sell to, and judging whether this number is large enough to make it worth your while selling to them. While your initial target market might shrink when you pinpoint exactly who you’ll sell to, you may actually generate higher sales once you’ve carved out this niche in the market. Not only will you calculate consumers in this period, you’ll also calculate what part of your business’s offering applies to them. For example, if you run a clothing store you can segment your market by online or in-store, and also, by men, women and children.
• Accessibility: Identifying a viable market is one thing, but if you can’t reach these customers and sell to them – then they may as well not exist. You need to ask yourself how you can reach them, preferably in a way that connects and resonates with them on an individual basis. For example, you could reach the over-50s by advertising in a specialist ‘older people’s’ magazine with reasonable confidence that younger people will not read it. So, if you were trying to promote Scrabble with tiles 50% larger, you might prefer that young people did not hear about it. If they did, it might give the product an old-fashioned image.
• Open to profitable development: The customers must have money to spend on the benefits that you propose to offer. One of the fastest growing market segments comprises occupants of retirement homes, but there is not much evidence that they have the cash to spend on new products and services, however worthwhile or desirable.
• Size: As touched on above, the size of your market can both be too big or too small. If it’s too niche, you won’t be able to generate enough sales to survive long-term. While if it’s too big, you won’t have the resources to compete against large corporates who’ll drown you out.

Step three: Divide your market into different types of target audiences

Market segmentation is a process that helps gather different consumers of similar tastes into the same groups – to make it easier to tailor your product/service and target a viable audience, rather than just flogging your business to the wind.

There are several ways by which markets can be segmented and the following table shows some target audience examples:

• Demographics: age, gender, marital status, ethnic background, income
• Psychographics: activities, personality, values, attitude
• Behavioural: benefits, usage rates, patterns
• Geographical: local, national, international, regional

Here we explain some of the terms in more detail:

Psychographic:  While demographics explain  who  your customer is, psychographics explains  why  they buy your product and service. While demographic information on consumers includes information like their age, income, and marital status, psychography divides individual consumers into social groups – all of whom share collective traits such as lifestyle, opinions, values, personality and even social class.

Traditional examples of psychographic groups include:

• Yuckies:  Young, unwitting, costly kids – who are still at home at 30.
• Yuppies:  Young, upwardly mobile professionals.
• Bumps:  Borrowed to-the-hilt, upwardly mobile, professional show-offs.
• Jollies:  Jetsetting oldies with lots of loot.

Understanding consumer buying behaviour is best served by thinking about both demographics and psychographics, however, a consumer’s attitude/opinion towards something is often a better indicator of their spending habits than their age, race or gender.

Two easy methods of obtaining psychographics of your current customers include:

• Conversing with them through surveys and questionnaires, or even just having a chat when they reach the checkout. Consumers should generally react well if you appear to be tailoring your offering to them specifically. As the demographic of the person should be pretty easy to pick up on, especially if you’re meeting them face-to-face, you’ll need to ask more psychographic-based questions – such as what motivates them to shop, and whether they value price or quality and vice-versa.
• A less personal and more technical approach, though one that will offer up a more ‘honest’ set of data, will be to investigate your website analytics – which should accurately tell you what has motivated someone to buy a product. While few people might openly admit to a stranger they’re a bargain hunter and after the cheapest deal possible, the fact they’ve used that discount code tells you all you need to know.

Benefit segmentation:

This process recognises that different people can get different satisfaction from the same product or service – and is very popular among clothing, cosmetic and other consumer businesses.

For consumers, benefit segmentation should answer the key question: “What is this product going to do for me?” and this in turn will help you plan relative and applicable marketing activities.

Extending beyond the physical reward of a product, benefits for the consumer may extend to the emotional or psychological.

The classic marketing story used to explain this is that of toothpaste companies which target those motivated largely by health emphasising clinical benefits, while whiteness as cosmetic appeal is pitched at another group.

Benefit segmentation may include:

• Convenience

Geographical

This form of segmentation arises when consumers have different needs based on where they are located, and is a common marketing approach for small retail businesses that serve a wide demographic.

When deciding what products to stock, the process of geographical segmentation should have business owners thinking about everything from what sort of services local shoppers have access to, and what popular pastimes they enjoy, to what delicacies they eat, and what the climate is like.

For example, an inner-city location may be a heavy user of motorcycle dispatch services, but a light user of gardening products.

Industrial (B2B)

This groups together commercial customers according to a combination of their geographical location, principal business activity, relative size, frequency of product use, buying policies and a range of other factors.

How to Segment Industrial Markets  by Benson P. Shapiro and Thomas V. Bonoma, published by Harvard Business Review suggests that most industrial/B2B businesses use segmentation to explain results rather than to plan.

Multivariant

Naturally, market segments can be made using more than one variable – which can give a more precise picture of a market than just using one factor.

Regardless of how innovative you believe your business to be, the likelihood is that you will have plenty of competitors and rival businesses in the marketplace – targeting the same customers as you.

As a result, obtaining a detailed understanding of the competition will be vital when measuring the size of your market and proving the viability of your own business idea.

If your research discovers that your potential competitors are very expensive, offer poor customer service, or use outdated tech, then you can position your business as the antidote to these problems.

A good example of this is the spate of tech start-ups operating in the insurance and property sectors focusing on excellent customer service, low commission rates, and greater transparency.

However, if you discover that your rival appears to be doing very well on all fronts, you’ll have a much tougher battle on your hands – and might have to carry out extensive research to find yourself a niche worth carving.

As the expression goes however, imitation is the best form of flattery, so don’t be afraid to mimic your competitors’ strongest skills for your own business.

In his book  Developing Business Strategies , David A. Aaker suggests four areas entrepreneurs need to concentrate on when determining the successful skills within a particular industry. These are:

• The reasons behind successful as well as unsuccessful firms
• Prime customer motivators
• Major component costs
• Industry mobility barriers

According to theory, the performance of a business within a sector is a direct result of a certain set of desirable assets and skills.

Therefore, an analysis of the best performing businesses within a particular sector should explain the reasons behind their success.

Combining this with a similar study of failed businesses and the reasons behind their undoing should provide a good overview of what key assets and skills are needed to survive within that particular market or industry.

Once you have identified these key assets and skills, they should form a good part of your strategic plan – which is where you attempt to win a market share.

Competitive strategies usually fall into these five areas:

• Distribution
• Advertising

If you work your way through the four steps above, this should help you to calculate your start-up's market potential and determine your total addressable market.

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Target’s new paid membership program: What to know

The program will cost $99 per year.

Target has announced a paid membership program set to begin next month, launching a subscription service similar to those on offer at competitors Amazon and Walmart.

The membership program, called Target Circle 360, will cost $99 per year, unless new customers sign up at a discounted rate of $49 available until May 18, the company said in a statement Tuesday.

Subscribers will receive free same-day delivery in as little as one hour for goods available through its in-house delivery service, as well as discounted prices and 30 extra days to return products.

For hundreds of thousands of items unavailable through the in-house delivery service, subscribers will enjoy free two-day shipping.

"We've prioritized building strong relationships with guests since Target's inception, and our reimagining of Target Circle continues that commitment," Cara Sylvester, Target's executive vice president and chief guest experience officer, said in the company's statement.

Target's branded credit and debit cards will afford subscribers an additional 5% discount on any shopping trip for those enrolled in the membership program.

MORE: How to get a bigger tax refund, according to experts

Since 2019, Target has offered a free subscription service called Target Circle, which has served more than 100 million customers, the company said. The new membership program will preserve a free option while adding the paid service.

The fresh offering from Target debuts at a lower price than an Amazon Prime membership, which costs customers $139 per year but includes additional benefits such as access to the e-commerce giant's streaming service, Prime Video.

The membership program at Walmart costs customers $98 per year, affording them special discounts, same-day delivery, gas price discounts at partner locations and other perks.

Sylvester told analysts Tuesday about the importance of the subscription program for the company's bottom line.

Last year, members of the company's free membership program visited Target five times more often and spent five times more than guests who weren't members, Sylvester said.

The new paid subscription service places additional emphasis on the company's shift toward e-commerce, which was accelerated by the COVID-19 pandemic.

"For those who want the magic of Target delivered to their door in as little as one hour, there's Target Circle 360," Sylvester said.

Target invested $100 million last year in a plan to improve its e-commerce business with an expanded delivery network. By 2026, the company will add at least 15 additional warehouses known as sortation centers, Target said in February 2023.

Speaking during an earnings call Tuesday, Target CEO Brian Cornell touted measures taken by the company to enhance its e-commerce service, especially same-day delivery.

"Continued innovation and better integration with our target ecosystem means we're ready to expand same-day delivery for our guests while also building on our next-day capabilities," Cornell said.

Target sales declined 4.4% over the three months ending in January compared to the same period last year, an earnings report on Tuesday showed. The slide in sales was less severe than analysts expected.

MORE: AI is driving a stock market rally. What if the technology falters?

Digital sales dropped 0.7% in the three-month period compared to the same quarter last year, which marked an improvement from the 6% decline in the previous quarter.

Shares of Target climbed 2.5% in early trading on Wednesday.

The paid membership program makes up a key part of the company's plan to reverse the decline and return to growth, Cornell said Tuesday.

"This road map will help us meet consumers where they are," Cornell said.

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The 8 Target Audiences for Your Business Plan It's not just investors or bankers who'll want to see your business plan. Find out exactly who may be looking it over.

By The Staff of Entrepreneur Media, Inc. • Jan 22, 2015

In their book Write Your Business Plan , the staff of Entrepreneur Media, Inc. offer an in-depth understanding of what's essential to any business plan, what's appropriate for your venture, and what it takes to ensure success. In this edited excerpt, the authors offer reasons why you may want to tailor your business plan to the audiences you're showing it to.

The potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees. Although this is a diverse group, it is a finite one. And each type of reader does have certain typical interests. If you know these interests up front, you should be sure to take them into account when preparing a plan for that particular audience.

Let's take a look at eight typical audiences who'll be reading your business plan.

1. Active venture capitalists.

VCs see hundreds of plans in the course of a year. Most plans probably receive no more than a glance from a given venture capitalist before being rejected; others get just a cursory inspection. Even if your plan excites initial interest, it may receive only a few minutes of attention to begin with. It's essential, when courting these harried investors, that you make the right impression fast. Emphasize a cogent, succinct summary and explanation of the basic business concept, and don't stint on the details about the impressive backgrounds of your management team. That said, make it concise and to the point. Remember, time is of the essence to venture capitalists and other investors.

2. Bankers.

Bankers tend to be more formal than venture capitalists and more concerned with financial strength than with exciting concepts and impressive resumes. For these readers, you'll want to give extra attention to balance sheets and cash-flow statements. Make sure they're fully detailed and come with notes to explain any anomalies or possible points of confusion.

3. Angel investors.

Angel investors may not insist on seeing a plan at all, but your responsibilities as a businessperson require you to show them one anyway. For such an informal investor, prepare a less-formal plan. Rather than going for impressive bulk, seek brevity. An angel investor used to playing their hunches might be put off by an imposing plan rather than impressed with your thoroughness.

4. Potential partners.

If you were thinking about becoming a partner in a firm, you'd no doubt be very concerned with the responsibilities you'd have, the authority you'd carry and the ownership you'd receive in the enterprise. Naturally, anyone who's considering partnering with you is going to have similar concerns. So make sure that any plan presented to a potential partner deals comprehensively with the ownership structure and clearly spells out matters of control and accountability.

5. Customers.

Customers who are looking at your business plan are probably doing so because they're contemplating building a long-term relationship with you. They're certainly going to be more concerned about your relationships with your other customers and, possibly, suppliers than most of your readers. So deal with these sections of your plan in greater depth; you can be more concise in other areas. Customers rarely ever read a company's business plan, so you should probably have your miniplan available for these occasions.

6. Suppliers.

Suppliers have a lot of the same concerns as customers, except they're in the other direction on the supply chain. They'll want, above all, to make sure you can pay your bills, so be sure to include adequate cash flow forecasts and other financial reports. Suppliers, who naturally would like their customers to order more and more, are likely to be quite interested in your growth prospects. In fact, if you can show you're probably going to be growing a lot, you may be in a better position to negotiate terms with your suppliers. Like customers, most suppliers don't take the time to read lengthy business plans, so again, focus on the shorter version for such purposes.

7. Strategic allies.

Strategic allies usually come to you for something specific—technology, distribution, complementary customer sets, etc. So any plan you show to a potential ally will stress this aspect of your operation. Sometimes potential strategic partners may also be potential competitors, so you may want to present your plan in stages, saving sensitive information such as financials and marketing strategies for later in the process when trust has been established.

8. Managers.

Managers in your company are using the plan primarily to remind themselves of objectives, to keep strategies clear and to monitor company performance and market conditions. You'll want to stress such things as corporate mission and vision statements and analyses of current industry and economic factors. The most important part of a plan intended for management consumption is probably in the financials. You'll want to take special care to make it easy for managers to compare sales revenue, profitability and other key financial measures against planned performance.

There's one caution to the plan-customization exercise. Limit your alterations from one plan to another to modifying the emphasis of the information you present. Don't show one set of numbers to a banker you're trying to borrow money from and another to a partner you're trying to lure on board. It's one thing to stress one aspect of your operation over another for presentation purposes and entirely another to distort the truth.

Entrepreneur Staff

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Group Home Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their group home companies.

If you’re unfamiliar with creating a group home business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a group home business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your group home business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a group home business or grow your existing group home company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your group home business to improve your chances of success. Your group home business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Group Home Businesses

With regard to funding, the main sources of funding for a group home business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for group home companies.

Finish Your Business Plan Today!

How to write a business plan for a group home business.

If you want to start a group home business or expand your current group home business, you need a business plan. The guide below details the necessary information for how to write each essential component of your group home business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of group home business you are running and the status. For example, are you a startup, do you have a group home business that you would like to grow, or are you operating a chain of group homes in your business?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the group home industry.
• Discuss the type of group home business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of group home business you are operating.

For example, you might specialize in one of the following types of group home businesses:

• Faith-based Group Home: In this type of group home business, you may specialize in adding spiritual support courses and counsel to the residence group home experience.
• Boutique Group Home: If you are opening a boutique group home, you will want to offer distinctive, personalized services that appeal to your target audience. Offerings may include massage treatments, herbal wraps, nutritional supplements and counseling for the small group of guests in your boutique group home.
• Senior Group Home: This type of group home business is focused on guests who are aged 65 years and older. Guests may attend classes on health and safety for seniors, as well as receive medical treatment and recovery options. Classes are small and residences are typically small in size. On-call medical care may also be offered.
• Teen & Young Adult Group Home: Offering select group homes to teens and young adults offers a marketing advantage, as most teens will opt for this environment. Guests are engaged in physical activities, including dances and outdoor activities, as well as circle therapy groups, medical oversight and rooms that sleep up to four teens or adults.

In addition to explaining the type of group home business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of guests served, the amount of revenue during the past six months, opening a second group home location, etc.
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the group home industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the group home industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your group home business plan:

• How big is the group home industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your group home business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your group home business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, physicians, hospital placement staff.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of group home business you operate. Clearly, individuals would respond to different marketing promotions than hospital staff, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regard to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other group home businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes on-site church programs, welfare housing assistance and drug treatment centers. You need to mention such competition, as well.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of group home business are they?
• What is their pricing (premium, low, etc.)?
• What sets their business apart from others?
• What are their weaknesses?

With regard to the last two questions, think about your answers from the customers’ perspective. And, don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide options for group home visitors on a daily or weekly basis?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer value-based pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a group home business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of group home company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide a six-month extended stay group home experience?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your group home company. Document where your company is situated and mention how the site will impact your success. For example, is your group home business located in a quiet neighborhood, a rural farming district, or an inner-city boarding house? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your group home marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in regional medical periodicals and/or magazines
• Reach out to physician websites
• Distribute direct mail pieces to your target audience
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) with target keywords on your website

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your group home business, including answering calls, planning and stocking group home items, paying invoices, contacting customers, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to admit your 100th guest, or when you hope to reach $X in revenue. It could also be when you expect to expand your group home business to a second or third location.

Management Team

To demonstrate your group home business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing group home businesses. If so, highlight this experience and expertise. But, also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a group home business or successfully running a small motel.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 10 guests per day, and/or offer group home experiences with amenities? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your group home business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit, but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a group home business:

• Cost of medical care, medical supplies, and administrative staff
• Cost of furnishings or accessories
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, office supplies and equipment

Attach your full financial projections in the appendix of your plan, along with any supporting documents that make your plan more compelling. For example, you might include your group home location lease or a list of associates who are already lined up to refer guests to your business.

Writing a business plan for your group home business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the group home industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful group home business.

Group Home Business Plan FAQs

What is the easiest way to complete my group home business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your group home business plan.

Where Can I Download a Group Home Business Plan PDF?

You can download the group home business plan pdf here.

Our sample group home business plan pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.

How Do You Start a Group Home Business?

Starting a Group Home business is easy with these 14 steps:

• Choose the Name for Your Group Home Business
• Create Your Group Home Business Plan
• Choose the Legal Structure for Your Group Home Business
• Secure Startup Funding for Your Group Home Business (If Needed)
• Secure a Location for Your Business
• Register Your Group Home Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Group Home Business
• Buy or Lease the Right Group Home Business Equipment
• Develop Your Group Home Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Group Home Business
• Open for Business

Don’t you wish there was a faster, easier way to finish your Group Home business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan advisors can give you a winning business plan.

How To Set Business Goals (+ Examples for Inspiration)

Updated: March 11, 2024

Published: October 24, 2023

You’re a business owner — the captain of your own ship. But how do you ensure you’re steering your company in the right direction? 

Without clear-cut goals and a plan to reach them, you risk setting your sails on the course of dangerous icebergs. 

The best way to steer clear of wreckage is to map out exactly where you want your business to go. This is what makes setting business goals so important. If you’re not already using them to guide your ship, then now’s a great time to start.

Table of contents:

• What are business goals?

Why business goals are important

How to set business goals, tips to achieve business goals, business goals examples, what are business goals .

Business goals are the desired outcomes that an organization aims to achieve within a specific time frame. These goals help define the purpose and direction of the company, guiding decision-making and resource allocation. They can be short-term or long-term objectives , aligned with the company’s mission and vision.

Operating a business using your gut and feelings will only get you so far. If you’re looking to build a sustainable company, then you need to set goals in advance and follow through with them. 

Here’s what goal setting can do to make your business a success:

• Give your business direction. Business goals align everyone toward a common purpose and ensure all efforts and resources are directed toward achieving specific outcomes.
• Keep everyone motivated to keep pushing forward. Goals provide employees with a sense of purpose and motivation. According to research from BiWorldwide, goal setting makes employees 14.2x more inspired at work and 3.6x more likely to be committed to the organization.
• Create benchmarks to work toward (and above). Goals provide a basis for measuring and evaluating the performance of the organization. They serve as benchmarks to assess progress, identify areas of improvement, and make informed decisions about resource allocation and strategy adjustments .
• Prioritize activities and allocate resources effectively. Goals help you identify the most important initiatives, ensuring that time, money, and effort are invested in activities that align with the overall objectives.
• Make continuous organizational improvements. Goals drive continuous improvement by setting targets for growth and progress. They encourage businesses to constantly evaluate their performance, identify areas for refinement, and implement strategies to enhance efficiency and effectiveness.

Nothing creates solidarity among teams and departments like shared goals. So be sure to get everyone involved to boost camaraderie. 

Setting business goals requires careful consideration and planning. By defining specific and measurable targets, you can track progress and make necessary adjustments along the way.

Here are the steps to effectively set business goals.

Step 1: Identify key areas to improve in your business

Start by assessing the current state of your organization. Identify areas that require improvement or growth. This could include increasing revenue, expanding your customer base, improving employee satisfaction, or enhancing product offerings.

Step 2: Choose specific and measurable goals 

Setting clear and specific goals is essential. Use the SMART goal framework to ensure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of setting a vague goal like “increase revenue,” set a specific goal like “increase revenue by 15% in the next quarter.”

Step 3: Prioritize which goals to tackle first

Not all goals are equally important or urgent. Evaluate the impact and feasibility of each goal and prioritize them accordingly. By ranking your goals, you can focus your efforts and resources on the most critical objectives.

Step 4: Break down your goals into smaller milestones

Breaking down each goal into smaller, manageable tasks makes them more attainable. Assign responsibilities and set deadlines for each step. This approach helps track progress and ensures accountability.

Step 5: Decide what your Key Performance Indicators (KPIs) will be

Key Performance Indicators (KPIs) are metrics used to measure progress toward your goals. Set realistic and relevant KPIs that align with your objectives. For example, if your goal is to increase customer acquisition, a relevant KPI could be the number of new customers acquired per month.

Now that you have set your business goals, it’s time to take action and work toward achieving them. Here are some tips to help you stay on track:

1. Write down your action plan 

Develop a detailed plan of action for each goal. Identify the necessary resources, strategies, and milestones to achieve them. A well-defined action plan provides a road map for success.

2. Foster a culture that’s goal-oriented

Encourage your employees to embrace and contribute to your goals. Foster a culture that values goal setting and achievement. Recognize and reward individuals or teams that make significant progress toward the goals.

3. Regularly track and evaluate progress

Monitor the progress toward each goal and make adjustments as needed. Use project management tools or software to track and visualize progress. Regularly review and evaluate your performance to ensure you’re on the right track.

4. Seek feedback and adapt

Gather feedback from employees, customers, and stakeholders. Their insights can provide valuable perspectives and help you refine your goals and strategies. Adapt your approach based on feedback to increase your chances of success.

5. Stay focused and motivated (even when you fail)

Staying motivated to achieve goals is difficult, especially when you come up short or fail. But don’t let this set you back. Continue pushing forward with your goals or readjust the direction as needed. Then do whatever you can to avoid distractions so you stay committed to your action plan.

Also, remember to celebrate small wins and milestones along the way to keep your team motivated and engaged.

To provide inspiration, here are some examples of common business goals:

1. Revenue growth

Revenue growth is a business goal that focuses on increasing the overall income generated by the company. Setting a specific target percentage increase in revenue can create a measurable goal to work toward.

Strategies for achieving revenue growth may include:

• Expanding the customer base through targeted marketing campaigns
• Improving customer retention and loyalty
• Upselling or cross-selling to existing customers
• Increasing the average order value by offering premium products or services

Example: A retail company sets a goal to increase its revenue by 10% in the next fiscal year. To achieve this, it implements several strategies, including launching a digital marketing campaign to attract new customers, offering personalized discounts and promotions to encourage repeat purchases, and introducing a premium product line to increase the average order value.

2. Customer acquisition

Customer acquisition focuses on expanding the customer base by attracting new customers to the business. Setting a specific goal for the number of new customers helps businesses track their progress and measure the effectiveness of their marketing efforts.

Strategies for customer acquisition may include:

• Running targeted advertising campaigns
• Implementing referral programs to incentivize existing customers to refer new ones
• Forming strategic partnerships with complementary businesses to reach a wider audience

Example: A software-as-a-service (SaaS) company aims to acquire 1k new customers in the next quarter. To achieve this, it launches a social media marketing campaign targeting its ideal customer profile, offers a referral program where existing customers receive a discount for referring new customers, and forms partnerships with industry influencers to promote its product.

3. Employee development

Employee development goals focus on enhancing the skills and knowledge of employees to improve their performance and contribute to the organization’s growth. By setting goals for employee training and skill development, businesses can create a culture of continuous learning and provide opportunities for career advancement.

Strategies for employee development may include:

• Offering training programs
• Providing mentorship opportunities
• Sponsoring professional certifications
• Creating a career development plan for each employee

Example: A technology company aims to have 80% of its employees complete at least one professional certification within the next year. To achieve this, it offers financial support and study materials for employees interested in obtaining certifications, provides dedicated study time during working hours, and celebrates employees’ achievements upon certification completion.

4. Product development

Product development goals focus on creating and improving products or services to meet customer needs and stay competitive in the market. Setting goals for product development can prioritize your efforts and so you can allocate resources effectively.

Strategies for product development may include:

• Conducting market research to identify customer preferences and trends
• Gathering customer feedback through surveys or focus groups
• Investing in research and development to create new products or enhance existing ones
• Collaborating with customers or industry experts to co-create innovative solutions

Example: An electronics company sets a goal to launch three new product lines within the next year. To achieve this, it conducts market research to identify emerging trends and customer demands, gathers feedback from its target audience through surveys and usability testing, allocates resources to research and development teams for product innovation, and collaborates with external design agencies to create visually appealing and user-friendly products.

5. Social responsibility

Social responsibility goals focus on making a positive impact on society or the environment. These goals go beyond financial success and emphasize the importance of ethical and sustainable business practices. Setting goals for social responsibility allows businesses to align their values with their actions and contribute to causes that resonate with their stakeholders.

Strategies for social responsibility may include: 

• Implementing sustainable practices to reduce environmental impact
• Donating a percentage of profits to charitable organizations
• Supporting local communities through volunteer programs
• Promoting diversity and inclusion within the organization

Example: A clothing retailer aims to reduce its carbon footprint by 20% in the next two years. To achieve this, it implements sustainable practices, such as using eco-friendly materials, optimizing packaging to minimize waste, and partnering with ethical manufacturers. It also donates a percentage of its profits to an environmental conservation organization.

Setting and achieving goals is what it takes to be successful in business. By following the steps outlined in this article and incorporating the tips provided, you can effectively set and work toward your goals. Remember to regularly evaluate progress, adapt as necessary, and celebrate milestones along the way.

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Ukrainian officials planned 'mass strikes' on Moscow and other cities 'with everything' they had, but they stood down after US intervention: report

• The Washington Post reports Ukrainian officials had plans for "mass strikes" on Russian cities on the first anniversary's of the war.
• Ukraine's military intelligence chief directed an officer to hit "with everything" available, but the plan wasn't carried out.
• Officials in Kyiv have disputed the Post report based on leaked documents, calling it "strange media" and "sensation."

Officials in Kyiv were planning strikes on Moscow, among other targets, on the first anniversary of Russian President Vladimir Putin's invasion of Ukraine, but US intervention led them to stand down, The Washington Post reported Monday, citing classified documents.

The Post reported that Maj. Gen. Kyrylo Budanov, who leads Ukraine's military intelligence operations, known as the HUR, instructed an officer to "get ready for mass strikes on 24 February," adding that the attacks were to be executed "with everything the HUR had." Budanov's reported instructions were attributed to a classified National Security Agency document.

A couple of days before the one-year anniversary though, the Central Intelligence Agency sent out a report noting that the HUR "had agreed, at Washington's request, to postpone strikes" on the Russian capital. The SBU, Ukraine's security service, did not agree to that however, the agency said.

The HUR did not immediately respond to Insider's request for comment.

The pair of documents offering insight into Ukrainian planning were part of a significant leak of classified intelligence information that made global headlines in recent weeks and led to the arrest of a 21-year-old Massachusetts Air National Guard member suspected to have leaked these documents online, The Post reported . The leaked documents have caused frustration in Washington and in allied capitals.

As Ukraine attempts to fend off Russian invaders, the US has supported the country with billions of dollars in security assistance, arming it with anti-tank weapons, howitzers, rocket-artillery, air defense systems, infantry fighting vehicles, tanks, and more, but Washington has been hesitant to provide capabilities that would allow Ukraine to strike deep into Russia and Russian-occupied territories.

Related stories

For instance, though the US provided High Mobility Artillery Rocket Systems ( HIMARS ) to Ukraine with Guided Multiple Launch Rocket System (GMLRS) rockets, it has held off on sending Army Tactical Missile Systems (ATACMS) with ranges of just under 200 miles, munitions that expert observers say would give Ukrainian forces a greater edge in this ongoing fight.

The notable lack of long-range US-provided capabilities has not stopped the Ukrainian armed forces from conducting strikes far from the front lines of the ongoing conflict, but unlike Russian explosive drone and missile attacks on Ukrainian civilian infrastructure, claimed and suspected Ukrainian attacks have targeted Russian military installations.

Last August, Ukraine struck a Russian military base in occupied Crimea with missiles, causing substantial damage to Black Sea Fleet naval aviation assets, and in December, two air bases deep inside Russian territory were hit , allegedly by Ukrainian drones. Ukraine is also suspected to be behind a number of explosive sea drone attacks on Russian installations.

Ukraine doesn't always acknowledge these attacks, but officials have hinted at Kyiv's involvement. For example, after the attacks in December, Mykhailo Podolyak, adviser to Ukrainian President Volodymyr Zelenskyy, wrote that Earth is round and that "if something is launched into other countries' airspace, sooner or later unknown flying objects will return to departure point."

In the case of the missile strikes in Crimea, Gen. Valeriy Zaluzhnyi, commander-in-chief of the Armed Forces of Ukraine, wrote in an op-ed that the aim of these attacks is to "make these experiences even sharper and more tangible for the Russians and for other occupied regions, despite the massive distance to the targets."

Ukrainian officials, which have pushed back on other elements of the leaked documents relating to the war in Ukraine, have dismissed reports that it was planning strikes for the anniversary as "strange media/sensation once again."

"Why would there be a need for us to do this? What task would such a one-time action solve? Would it change the course of the war? Would it make the Russians flee? Would it remove the need for weapons?" Podolyak said on Twitter Monday.

He said that such reports problematically "shape public opinion in Western capitals as if Ukraine was an unreasonable, infantile, and impulsive country that is dangerous for adults to trust with serious weapons."

"We approach the war with ironclad mathematical logic: we need long-range missiles to destroy Russian logistics in the occupied territories and various types of aircraft to protect the sky and destroy Russian fortifications. These are the main components of successful counteroffensive operations and minimization of losses," he added, continuing to make the case for providing Ukraine with additional combat capabilities.

Watch: The war in Ukraine by the numbers, one year later

• Main content

Ecosystem Kalinka

Luxury real estate in Russia, Europe, Asia and Middle East for a comfortable life and profitable investment. Our team — it is an association of market professionals, innovations and digital technologies, traditions and continuous development.

In the premium real estate market

Share of the moscow market, clients, including the forbes list, objects in the company's database., market experts work in the company, cumulative revenue, company turnover per year, the most expensive penthouse sold, ekaterina rumyantseva.

CEO of Kalinka Ecosystem

Our Mission: Tradition & Innovation

Pre–sale preparations

• Examination of competitors' sales
• Securing our sales plan
• Creation of a sales office
• Product training for brokers
• Development of efficient financial instruments
• Developing sales incentives

• Implementation of sales plan
• Premium brokerage/ brokers school
• Own client base
• Sales funnel management
• Mortgage broker services
• Legal support
• Monitoring of all stages of implementation

After–sales service

• Working with accounts receivable
• Informing the customer about the project status
• Working with customer reviews
• Loyalty programs
• Recommendation deals

International recognition

Aldar Properties

TOP Performing Dubai Agency

TOP 15 Performing Agency

Envoy Category

AZIZI Developments

TOP Performing Agency New Grade Reached

Select Group

TOP Performing Agent Runner Up

#1 Agen Newcomer of the Year

TOP Performing Sales Agent Ambassador Category

New grade reached Consul Category

Rolls–Royce

BEST REAL ESTATE AGENCY MARKETING RUSSIA

2021 – 2022

Awwards Winner

2019 – 2020

BEST REAL ESTATE AGENCY SINGLE OFFICE MOSCOW

REAL ESTATE AGENCY MOSCOW

2018 – 2019

2017 – 2018

official airline partner

The Telegraph

2016 – 2017

Rolls–Royce motor cards

2014 – 2015

in association with

Virgin Atlantic

PROPERTY CONSULTANCY RUSSIA

2013 – 2014

Best real estate company for high price category real estate according to the magazine «Novyy Adres»

First place in the Forbes rating № 4 (25). Leader in the number of closed deals in the segment of high-budget real estate according to the survey of NVM Business Consulting.

First place in the real estate market records award in the category of «Professional pride» with the project «Dvoryanskoye Gnezdo».

Only Russian company to win in three «International Property Awards» nominations.

Best real estate agency in Russia according to the «Premio Internazionale Le Fonti» award. Winner of two «International Property Awards» nominations.

Best real estate agency in Russia according to the «International Property Awards» with the presence of representatives of The Daily Telegraph.

First place in the «European Property Awards» in «Real Estate Agency Marketing for Russia». A high appraisal of an important part of the company’s work — management of marketing and sales of real estate developers.

First place in the «European Property Awards» in «Real Estate Agency for Moscow, Russia»

Best company in both Real estate and Marketing according to the «European Property Awards»

Solutions for developers, investors and buyers

Urgent buyout of distress-assets, apartments trade-in, accurate assessment with ai, investors club, apartments for sale, investing in redevelopment.

«Working daily with buyers and sellers of real estate. We know everything, from the customer’s first call up to the final sales.»

Ekaterina Rumyantseva,

our own full-time team of analysts and investment advisors

Created and implemented more than 200 consulting projects, analysis of the target group behavior utilizing a modern crm system, analysis of 1,000 customer requests and 300 transactions per year, own real estate database, updated daily, purchase and support of related databases, data on real estate lots in “closed sales”, information about the actual transaction sum and bargaining, kalinka realty.

Buying, selling and renting real estate

Kalinka Consulting

Complex solutions for developers

Kalinka Legal services

Legal support and audit

Kalinka Design

Professional selection of architects and designers

Kalinka analytics

Reviews of the real estate market in Moscow and MO

Kalinka Media

Current webinars and  situation in market

Kalinka International

Profitable investment. Citizenship and residence permit

30% of real estate transactions are not done after the purchase decision has been made. That’s why we maintain a constant dialogue with the buyer, lawyers, mortgage brokers and designers, to study the needs and implement the solution.

Our Partners

• AB Development
• ANT Development
• Capital Group
• Central Properties
• Insigma Development

Investment companies

• Capital Partners
• Hines International
• Absolut Bank
• VTB Capital
• Gazprombank
• Sberbank Capital
• Otkritie Capital

Design and architecture

• Andrew Martin
• Artistic Design
• Aukett Swanke
• Candy & Candy
• Helene Benhamou
• Jade Jagger
• Kelly Hoppen

Kalinka International (UAE, Turkey)

Programs for any purpose:

• Visa-free travel
• Life and business abroad
• Tax residency
• Cross-border movement under restrictions
• Education and career of children abroad

Kalinka Dubai

• Buying property in the UAE
• Sightseeing tours of the best residential complexes in Dubai
• Capital transfer (urgent purchase of ready-made companies in the UAE, opening an account)
• Long stay apartments
• Yacht charter
• School education
• Restaurants, shopping, household matters
• Flight organization.
• Assistance with international itinerary planning

Simplified visa system

No income tax, high return on investment, full ownership.

The Ritz-Carlton Residences

Collection of luxury residences

UAE, Dubai, Dubai International Financial Center, Al Sukuk Street, 9/1

The complex is located on the coast of the picturesque bay of Dubai Creek, where the world-famous Ras Al Khor flamingo and wildlife sanctuary is located. A unique location among mangrove forests, small lagoons and lakes combines peace and tranquility with the advantages of a large metropolis.

Rent – Start of sales.year

DAMAC Lagoons

Family low-rise residential complex

UAE, Dubai, Dubai Land, El Hebia Fift

Family low-rise residential complex in the spirit of the Mediterranean cities in the depths of Dubai. Convenient location allows you to get to large shopping centers, business clusters and offices of international companies in 20 minutes. Nearby are medical facilities, schools, an equestrian club, golf courses and the Dubai Sports City multifunctional complex.

Rent – year

DAMAC Cavalli Tower

UAE, Dubai, Dubai Media City

Elite residential complex on the west coast of Dubai, in the prestigious Al Sufuh area.

Atlantis The Royal Resort & Residences

Complex in the center of the Palm Jumeirah crescent

UAE, Dubai, Jumeirah, Palm JumeirahUnited Arab Emirates, Dubai, Jumeirah, Palm Jumeirah

Luxury residential complex in the center of the crescent of the Palm Jumeirah in Dubai. The developed infrastructure of the man-made island is impressive: gourmet restaurants, modern fitness studios, luxurious wellness clubs, shops and boutiques in Nakheel Mall. Well-maintained walking and jogging paths stretch along the many kilometers of beaches with snow-white sands.

Canal-front luxury serviced apartments

UAE, Emirate of Dubai, Zabeel, Business Bay

Luxury canal-front serviced apartments in the heart of Dubai.

W Residences Dubai Downtown

Complex in the prestigious Downtown area

UAE, Dubai, Zabeel, Burj Khalifa

Elite residential complex in the prestigious Downtown area, in the center of Dubai.

Kalinka Turkey

• Elite real estate
• New buildings and secondary offers
• Investment property
• Sightseeing tours
• Second Citizenship by Investment Program

Get a selection of foreign investment offers

Moscow exclusive properties, 6 unique projects, popular areas of moscow, secure business transactions, developed infrastructure.

Sociocultural cluster with modern apartment buildings

Zvenigorodskaya 2nd st., 12

The residential quarter is located on an area of 4.5 hectares, 200 meters from the Ulitsa 1905 Goda metro station, surrounded by parks: Krasnaya Presnya, Krasnogvardeyskie Prudy, the December Uprising Park and the Presnensky Childrens Park

Poklonnaya 9

Premium apartment house

Poklonnaya st., 9

he complex is located in a prestigious location in the west of the capital. Panoramic windows offer magnificent views of Victory Park, Sparrow Hills and Moscow City towers.

Victory Park Residences

Elite family residences in the west of the capital

Brothers Fonchenko st., vl. 3

he complex is surrounded by green parks and iconic sights of the city. Panoramic windows offer magnificent views of Poklonnaya Gora, the Triumphal Arch and City skyscrapers.

Capital Towers

Residential skyscrapers 500 meters from Moscow City

Krasnopresnenskaya emb., 14, building 1

A 10-minute walk from the metro stations "International" and "Vystavochnaya", a little further - the platform of the MCC "Business Center" and "Testovskaya" of the first Moscow diameter. For motorists, convenient exits to the Third Ring Road and the Garden Ring are located 6 minutes from the complex.

Neva Towers

Complex on the territory of the business center Moscow-City

Krasnogvardeisky 1st pr-d, 17-18

Panoramic windows offer direct views of the legendary Ukraina Hotel, the Government House and the embankments of the Moscow River. Residents have access to the entire infrastructure of the business district within a 10-minute walk. Afimall shopping center, multiplex cinema, cafes and restaurants, fitness studios, beauty salons and viewing platforms.

Club city on the river

Volokolamskoe sh., vl. 71/12

Moskvoretsky Park is a 5-minute walk away. In 10 minutes by car - the parks Shodnya, Pokrovskoe-Streshnevo and Stroginsky. A grandiose sports infrastructure is planned on the territory of the peninsula: more than 30 types of activities in one location and three yacht clubs in the neighborhood.

Community participation

PR and Media

Kalinka is in the TOP-3 in terms of citation in  the media in the elite real estate market and in the TOP-5 of business class and investment segment. Monthly number of publications mentioning Kalinka  — 250-300. Main sources: RBC, Forbes, Vedomosti, Kommersant, BFM, Elitnoe.ru. Joint analytics and press releases with leading Moscow developers: Insigma, AEON, Level Group and others. The Kalinka press service is always open to the media: journalists can be sure of comments, interviews and expert opinions. We promptly respond to requests and help the editors in the preparation of objective and high-quality materials.

A fifth of the entire interior improvement in the premium segment is created in the area of Minskaya Street

According to research of the Kalinka Ecosystem, the total area of internal landscaping in 40 projects on the premium real estate market in Moscow is 43.5 hectares.

Russians remain the leaders in buying Turkish real estate

Russians still occupy the first place in the demand for real estate in Turkey among foreigners. However, compared to 2022, there is a decrease in demand from our fellow citizens by 17%.

"Obydensky No. 1" became the best-selling club house in Moscow

According to a study of the Kalinka ecosystem, sales in 11 club houses started in the capital in 2023. The leader in sales was the club house "Obydenskiy No. 1", in other projects clients purchased on average four times fewer apartments.

The Kalinka ecosystem has summed up the results of its first year of operation in the UAE.

The Kalinka ecosystem has strengthened its top management team.

In two regional divisions of the company - Kalinka Turkiye and Kalinka Middle East - new sales directors have been appointed.

Kalinka Middle East has received several awards from a leading developer in Abu Dhabi.

The company won in several nominations as a developer of Aldar Properties and has been included among the best real estate agencies in Abu Dhabi.

Stay up to date with the latest news

We promise to send only interesting and important articles.

CEO of International consulting company Kalinka

Alexey Chumalov

General manager of Kalinka Moscow

Alexander Shibaev

General manager of Kalinka Middle East

Yulia Kovaleva

City real estate manager

Polina Medelyanovskaya

Denis Trusov

Dmitry Mezhinsky

Mikhail Dolgov

Head of Country Property Department

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