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Once you've completed a draft of your plan, have it independently reviewed.Choose someone who can offer independent, constructive criticism - perhaps an accountant or business adviser.
WHAT TO EXPECTFor any business to be successful, it must be started and operated with a clear understanding of its customers, its internal strengths, its competitive environment, and a vision of how it will evolve to compete in the future.
A business also needs money to start, to operate, and to grow.
For example, a potential investor will be looking for a clear explanation of how they will get a good return on their investment.
A bank manager will seek proof you can afford to pay back a loan before they provide funding.
It clearly states where you are, how you got there, and how you plan to proceed.
This Business Builder steps you through the process of developing a comprehensive business plan.Although businesses may vary with regard to the products or services they offer, there are specific elements that a potential investor will look for in any business plan.Therefore, every well thought-out business plan includes a description of products and services, a competitive analysis, a marketing plan, a management plan, and a financial plan.Your local Chamber of Commerce or Enterprise Agency might be able to help.Their review might prompt questions you need to address in a revised draft.Information about your market must be detailed in your business plan, and you must show great awareness of your opportunities and threats, which requires considering your strengths and weaknesses.To understand your market, you must recognise all competitors - who they are, their strengths and weaknesses and the likely implications for your business.Although it appears at the front of the document, leave writing it until last.By all means, make it engaging and impressive - but keep it realistic.Your plan should make people believe in your ability and professionalism, which means there shouldn't be any spelling mistakes, errors, unrealistic assumptions or fantasy figures.If you're seeking investment, clearly describe the opportunity.