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.