Write a business plan
This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. Together, they cited information from 16 references. How’s Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high standards. How marks an article as reader-approved once it receives enough positive feedback. It also received 75 testimonials from readers, earning it our reader-approved status. Creating a business plan will help you achieve your entrepreneurial goals.
A clear and compelling business plan provides you with a guide for building a successful enterprise focused on achieving your personal and financial goals. It can also help persuade others, including banks, to invest in what you are creating. Analyze the potential markets for your business. This needs to be more than mere guesswork and write a business plan doing accurate and intelligent research.
How to make a business plan
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How old are your potential customers? What do they do for a living? Is your product or service attractive to a particular ethnic or economic population? Will only wealthy people be able to afford it?
Does your ideal customer live in a certain type of neighborhood or area? Establish the size of your potential market. It’s important to be as specific as possible in regard to your market and your product. If you want to start a soap business, for example, you may believe that every dirty body needs your product, but you can’t start with the entire world as your initial market. How many children in the United States are currently under the age of eight?
How much soap will they use in a month or a year? How many other soap manufacturers already have a share of the market? How big are your potential competitors? What will you require to get started? Whether you want to buy an existing company with 300 employees or start your own by adding an extra phone line to your home office desk, you need to make a list of the materials you’ll need.
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