business-plan, market-research, business-structureI’m writting a business plan for a Nanny Program within my neighbourhood however a friend recently suggested instead of writing that i am part of the childcare industry which is really small where i am i should instead write that i am part of the hospitality industry. Is this true? Do I change my words or do i change them. My friend does have a few valid points of why childcare is within the hospitality sector such as childcare companies provides time management services & that childcare companies are basically a hotel for kids(they are fed,taken care off,played with).
Your friend sounds like a marketeer for a cheap journal. Child care and Hospitality are not the same.
Just because you serve gas at the gas station does not mean you are in the auto industry.
Just because you sell milk does not make you a farmer.
Just because you look after kids does not imply you are in the hospitality industry. Changing diapers and cleaning tables are not the same.
Seriously… I suspect you will present your business plan to a bank or an investor. Respect them, their time and their money - if not, they won’t respect you.
Write your business plan for the business you expect to be in. Your business goal is to make a profitable business - if your business plan cannot make that claim successfully without a colourful version of truth, then your business is on weak legs. You say “childcare industry is really small” where you are - this might dictate that there is no market for your business idea and thus, you should question if you have a viable business.
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