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.
The traction section needs to show your business' growth (in sales, users, subscribers...) on a monthly and/or yearly basis. You can take numbers from other similar industries or competitors and use those to project your specific business numbers in a fairly accurate way. For example, e-commerce websites usually (depends on the field/products) has a conversion rate of 1%-2%. If you know how many people will be visiting your website each month (based on marketing budget for example), you can tell how many of them will become buyers/subscribers.
The above is a general description - but it depends on your specific business. Also, if you are creating a startup (not a regular brick and mortar store), then DONT do a business plan, rather create a BMC (Business Model Canvas).
I've successfully helped over 380 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at my reviews: https://clarity.fm/assafben-david
