The importance of a business plan

So you have a business idea; the inspirational ‘light bulb’ moment. You want to get started immediately.

“Everyone will buy this” “Why wouldn’t people use this service?” - The thoughts that go through every new entrepreneurs’ mind when they have that eureka moment.

But have you thought it through? Do people actually need this product? Is there a market for it? Or an industry already established? Do you know how this business will work? What are the operational considerations? Is there a business already doing this in another way?

These are the questions, and many more, you need to ask yourself when starting a business. There is a great deal to think about, so how do you keep track of it all?

That’s where the business plan comes in. A business plan is a document that allows you to turn your thoughts and ideas into a business. It allows you to think about all the parts of the business and how they will interact together.

Discover how to create a business plan with this in-depth guide, that will explain how to:

  • Figure out what a business plan is and why you need one
  • Write an executive summary
  • Explain your product or service
  • Identify your unique selling point
  • Target your market place
  • Structure your aims, objectives and employment
  • Research your competitors
  • Source suppliers
  • Plan your sales and marketing strategy
  • Structure your business operations
  • Account for plant machinery, equipment and vehicles
  • Undertake legal matters and plan for 'what if?'

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