Before sitting down to make business plan jot down everything that you already know about your business.
Find a quiet spot where you won't be disturbed for at least an hour.
Grab a notepad and write down everything that you can think of about your business.
Your notes should include personal details as well as information relating
to the business.
Personal
The things that you list under personal will include:
- your mission statement and your reasons for going into business
- you talents, skills and experience in this industry
- your financial position - also include any equipment that you can contribute at start up.
You should also list your passion for your proposed business. Any why you think you will be successful.
Business
Under the business section include facts from research already undertaken. Be as detailed as you can. Then list what you already know about the opportunity. State what you know about the industry and the particular business that you plan to set up. You should include:
- the current state of the industry. What do you already know about the market?
- your predictions or any speculation for the future of this industry
- facts from research already undertaken
- your competitive advantage - what will make your business different. What will give you an edge over your competition.
Take your time with this excercise. The more detailed that you can be the better. This information will form the basis of your business plan. The time that you spend now will help you when you go to write your business plan .
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