Developing a business plan from scratch

In our previous article, we gave you the first steps to take towards setting up your new business. By now you should have downloaded your business plan and are ready to start getting ideas down on paper.

As you work through your plan, you will come across key components in the plan, which will require some thought and research on your behalf.

Some key pointers to consider before you start:

1. What is your point of difference?
How are you going to be different to what your competitors are offering? Why would customers choose you over the place next door? How are you going to be different?

2. Who are you targeting?
This is so important as you need to define your target audience so you know how to speak to them. Is it the elderly? Professionals? Young females? Define who you want to buy your product or service so you now were to find them and how to connect with them.

3. Who are your competitors?
Knowing who else is out there and what they are doing helps you to keep a tab on what is happening in your industry. It allows you to stay ahead of the game and always be on the front foot when it comes to new innovations or ideas.

Writing a business plan takes both time, research and thought on your behalf. Taking the time to define what your business is, will put you on the front foot when taking the business plunge.

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