I am currently creating a business plan for a future business. This is my first time creating a business plan and I am confused on what a traction section in the business plan looks like for a business that does not exist yet.
For a business that does not yet exist you would have to put a projection in your business plan. Then put what tool you would use to create the traction that will generate the sales.
A traction is therefore what you will or are using to create the traffic to your product. How well are your clients buying into the product and what success are you seeing from what you have been putting out.
From what I am understanding from traction it would means that your product would have to be off the ground already .
As a retail branch manager for almost 40 yrs I had to create branch marketing that would generate the sales to give my branch the profit that was projected for the period.
Some of the things you can look at to create that traction is
a) Discount on particular product/products for a specific time.
b) Cold calls with specific follow up schedule
There are others but feel free to set an appointment.
Without history, no traction.
Traction is a measure of the output of a working business model, so no historical data, how can you measure it?
As you are doing business, you need to be agile, should not follow things that are not logic
If traction not available in a normal way, show that you had done similar output (deliverable) prior to the new business. Use this to create evidence of why your business model works.