CONCEPT TIP

It all starts with a great idea. What comes next can mean the difference between success and failure.

Developing a thorough, detailed business plan may be one of the most important things you ever do. Most banks and landlords will require you to have one before considering you for a loan or a lease.

A business plan will help you answer the following questions:

  • What is my business?
  • What product am I offering?
  • Who are my customers?
  • How am I going to reach my customers (Marketing)
  • How much do I charge?
  • What is my point of difference?
  • What location and why?
  • Who are my competitors?
  • How much will it cost me to set up my business?
  • Do I have enough money?
  • How many customers will I need per day to make my business profitable?
  • How many staff will I need to employ?
  • How long will it take to make money?
  • What are the risks?
  • What do I do if things don’t go to plan?

By working through these questions, you will develop a much clearer idea of your business and how it can succeed before you commit to spending a significant amount of money.

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