- Keep it Brief. In many instances, a concept statement of one sentence is probably a bit too short, but in most instances, a full page is likely too long. …
- Explain Your Idea Clearly. …
- Write to Your Audience. …
- Spell Out the Benefits.
A concept statement is the essence of a business plan. If you are writing a business plan, keep in mind that this statement serves as the foundation for the plan’s presentation. Never ever believe that your plan will speak for itself; it can’t. You must include a sentence that will aid the reader (the client or investors) in understanding the business plan completely.
Therefore, to define concept statements, they are brief explanations of a single, major idea. These are used to communicate to the audience the goal and focus of an organization. They are succinct summaries of goods, services, or designs that are shared with customers. Most importantly, these are explanations of how a new good or service will address a specific issue in the market.
This sentence summarizes the information in a business plan, so it must be significant. Through a clear and concise paragraph, it gives clients and investors a better understanding of the plan. Simply put, this assertion is very helpful in helping a crowd better visualize a proposed business plan. In addition, a concept statement is frequently included in the presentation made to attract customers and investors when a proposed business plan is being considered.
How to Write a Concept Statement
What are concept statements used for?
Though they all center on an idea or plan, concept statements may have various audiences and objectives. Here are some reasons you might use a concept statement:
To gain approval for new products or services
A concept statement for a new business product or service might be made by experts. They can more effectively persuade executives, investors, or other stakeholders to provide financial support by outlining this item’s key features in plain terms. These documents can also assist business executives in determining which concept is the most lucrative. For instance, a company that makes fitness trackers might develop several concept statements for new watches. After selecting watches that suit a particular target market after reviewing the statements, a board of directors may then give developers the funding they need to finish it.
To get design contracts with potential clients
To explain a creative idea to potential clients, visual design professionals like graphic designers and architects may use a concept statement. This document can help a professional stand out from the competition by showcasing their expertise to a client. For instance, if a hospital administrator contacts a number of interior designers about remodeling a treatment center, one of them may submit a design concept statement outlining the potential design elements and offering sample sketches. The administrator may look over this document to decide which expert has the necessary skill set for the position.
To attract investors for a business
Entrepreneurs who want to raise money for their startup may write a business concept statement outlining the mission, objectives, and target market of their company. This document frequently serves as a sneak peek of a larger business plan, which professionals can use to entice investors to learn more about their full idea. It could describe how this company responds to a specific market need, like a new product that helps a specific demographic. Additionally, some concept statements may forecast business expansion and projected returns.
What is a concept statement?
A concept statement is a written summary of a business idea that persuades the reader of the statement’s viability. Depending on how much information you include, these statements typically describe the ideas’ components, target audience, and benefits in one to three paragraphs. For instance, a product developer for a business involved in financial technology might create a brief concept statement for a brand-new budgeting program targeted at college students and recent graduates. It might outline the app’s main features, specify which devices can use it, and explain how creating this app might help a business meet its financial objectives.
How to write a concept statement in 4 steps
You can write your own concept statement by following these four steps:
1. Define the need
In the first few sentences of a concept statement, explain how a business, design, or project can meet a specific business need. This need may involve a number of scenarios, such as how a business might enter a new market or the reasons why a good or service can address a problem for a client. There are no photo applications on the market that can enlarge images while maintaining the quality of the image, for instance, according to the first few sentences of a concept statement for a new photography application.
2. Explain how your concept meets this need
In a full paragraph or several sentences, describe how your concept resolves a problem or creates a chance for growth. You might explain how a product or service’s key features can help users with particular needs if you’re writing a concept statement for it. A concept statement for a pet boarding facility, for instance, might outline a training course for pet owners who are unable to fit classes into their busy schedules. Instead, when composing a document for a new business, you might list potential clients and justify why particular business ventures might be profitable.
3. Provide next steps
After reading a concept statement, prompt readers to take a specific action, such as viewing a complete business plan, approving a product demonstration, or contributing money to a project. It might be beneficial to use straightforward language to explain the action you want your audience to take. For instance, if you’re writing a concept statement for an interior design contract with a bank, you might suggest that they get in touch with you to talk about more specifics. Next, you can include a link to your portfolio or your full name, email address, or phone number as your contact information.
4. Edit and proofread your concept statement
Make sure to carefully edit your concept statement to use appropriate grammar, professional language, and compelling details. An effective concept statement can persuade potential clients, managers, or investors that you comprehend their priorities and have the expertise to finish a project successfully. Reread the concept statement to see if any changes would strengthen your case. You can also use specialized software to proofread your writing for errors or ask a friend, coworker, or member of your family to read your concept statement and provide feedback on the language and structure.
Tips for writing a concept statement
You can use the following techniques to improve the impact of your concept statement:
Focus on your audience
Your target audience may be potential investors, design clients, or company leaders, each with their own priorities, depending on the type of concept statement you’re writing. You can create a persuasive document that concentrates on the most pertinent information by tailoring your statement in accordance with the situation. For instance, if you were presenting a new product line to the board of directors of a company, you might emphasize how the idea could result in new revenue streams or clientele. You can also discuss how a new good or service can assist a business in locating a fresh market.
Use creative details
Concept statements, rather than providing technical details like impending deadlines, can help your audience visualize the finished product. You could highlight important details, describe how a new product looks, give examples of customers’ reactions, or appeal to your audience’s emotions to help them visualize a concept and its advantages. For instance, a concept statement for a new food delivery service might highlight the convenience of the service, highlight the menu items’ unique ingredients, and describe how it might appeal to working parents or professionals with busy schedules.
Be concise
It may be beneficial to create a clear, compelling concept statement because they can encourage investors to begin a more in-depth discussion about a business idea. With this strategy, your audience will be able to scan a document quickly while still comprehending the essence and guiding principles of a concept. Consider using active verbs and vivid adjectives to make your concept statement concise. This design, with its monochromatic color blocking and cool blue tones, imparts a sense of serenity to your clients and associates, as stated in an example concept statement for an interior design contract with a law firm.
Examples of concept statements
To aid you in writing your own concept statements, consider the following examples:
Interior design example
Bright hues and strong geometric shapes are used in Brentwood Interior Design Studios’ design concept for the Children’s Medical Center of Northeast Georgia’s Cancer Wing to appeal to a variety of age groups. By coordinating design elements with the already-existing skylights, we hope to maximize the amount of natural light in the Cancer Wing lobby. The design incorporates interactive design elements into the walls and floors using cutting-edge technology, giving patients, family members, and staff a stimulating experience. Our objective is to create a space that stimulates children’s imaginations as they undergo treatment.
Product example
Since college students and young professionals are NewLife Fintech Applications’ primary target market and have different investment habits from their parents and grandparents, they might benefit from a budgeting app designed specifically for them. Our development team has developed a brand-new application concept called NewLife For You. This new program offers budgeting guidance, credit counseling, and educational modules to instill responsible spending practices in young professionals. By developing this product, we can draw in this new market segment for NewLIfe Fintech Applications and gain lifelong customers.
FAQ
What is a good concept statement?
A basic concept statement typically gives a description of the company, clarifies the issue, pinpoints the target audience, suggests how the solution will be provided, and outlines the goals and objectives.
What is concept statement and when it is written?
A concept statement is the essence of a business plan. If you are writing a business plan, keep in mind that this statement serves as the foundation for the plan’s presentation. Never ever believe that your plan will speak for itself; it can’t.
How do you write a product concept statement?
- The title page. …
- Introduction and statement of the problem. …
- Value of the study. …
- A preliminary literature review. …
- State the research goals or objectives. …
- Write down all the research questions. …
- The research hypothesis. …
- State the methodology you intend to use.
