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Review it at least once a year and make changes if necessary.
Do you have a clear idea of the type of people (or businesses) who will buy your product or service? This is one of the first questions any investor will ask you about your business plan.
Have your answers ready: Successful businesses think big.
You may be wondering why you need a plan in the first place.
After all, you have a clear idea in your mind about what you want to achieve. Here are just a few of them: This is where you describe your company and the product or service that it will sell.
For example, perhaps you’re planning to start by selling over the internet. If not, how will you convince people to buy from you?
That’s great, but how will you get traffic to your site? As the business grows, is there scope for a bricks-and-mortar retail outlet?
This will keep you from getting scattered, sidetracked, or pulled away from what’s likely to make you the most successful.
2) Research – The knowledge you’ll gain as you explore the industry you’re working in will be invaluable.
You might be starting small, but you don’t have to stay that way.
So write down the possible opportunities for your business as it grows.