A business plan is a formal statement of a business achievable goals and objectives, as well as plans for achieving them. It is very essential to guide the operations of the business and help achieve the set goals and objectives as well as preventing losses and other risks.
Before starting your business plan, you may want to consider the following key questions to help determine if you are ready to start writing your business plan.
1) Have you thoroughly analyzed your business idea so you have a good understanding of how the business will operate?
2) Have you researched your business concept to determine if there is a need for it in the marketplace?
3) Have you analyzed the available market to know what the market needs and what you will offer?
4) Have you completed feasibility study to determine expected level of success?
5) Do you have the capital and resources required to start the business?
6) Are you prepared to invest significant time into the business to get it up and running?
If your answers to the above questions is a “yes”, that means you are stable, prepared and good to start any business of your dream. Now you can go ahead and write a detailed business plan for the business idea you wish to implement.