Why should a Business Plan be drawn up?
The aim of a business plan is to establish clearly which goals and objectives must be achieved in order for the business to succeed and how these will be attained. It enables entrepreneurs to strategically plan for any unforeseen events or new competitors that enter the marketplace. The idea is to create a set of planning objectives that effectively outline how the business will be run, potential risk factors and effective marketing strategies.
What does a Business Plan look like?
A comprehensive business plan should include:
1. The Team2. The Business Concept3. Marketing Strategies4. The Competitors5. The Product Development Plan6. Operations & Management Plan7. The Financial Profile8. Major Achievements