What’s in your business plan: Market Description

June 26, 2008

 
Since it’s impossible to promote your services to everyone, you’ll want to focus on a limited area which you can effectively serve, usually a geographic area. Within that area, you’ll specialize in practice areas based on your – and your associates’ – experience and preference.

Clearly defining your market, or target audience, will help you focus your limited resources on achieving your firm’s objectives and reaching those prospects most likely to become your clients.

The tactics you’ll used to promote your services to this audience should also be outlined in your business plan, but will be developed in greater detail in your marketing plan.