Once youve got a good idea of whether your business is viable and youve analysed the market, its time to draw up a business plan.
What is a business plan? Its a detailed analysis of your business, including its objectives and its finances. It provides an insight into the purpose and vision for the company and how its goals will be achieved, and sets out the financial requirements for the company as well as its projected earnings potential.
Use it as a reference guide, which you can refer to at regular intervals to help you stay on the right lines. Dont treat it as gospel though business needs change over time and therefore so will the business plan. If you keep on top of this and amend your plan accordingly, it will help to ensure your business continues in the right direction.
There are two main uses for the business plan. The first is as a sales tool to help you present your case to lenders, investors and potential business partners. The second is for your own internal use, as a gauge against which you can measure your companys development and progress towards its objectives.
Your business plan therefore needs to be a compelling document that will...
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