Preparation
There are things you need to do in advance, before you put pen to paper and write your business plan. In essence, they can be split into two areas:
- ■research
- ■organisation.
Let’s take them one at a time.
Research
You might think you know your business, but how much do you know about what’s driving your customers’ behaviour? And what are your competitors up to?
If there are gaps in your knowledge, you might find yourself making ‘soft’ assumptions in the business plan. Just wait until you face cross examination from your backer!
There are three areas of research you should either undertake, or feel confident that you and your colleagues know enough about already, before starting your plan. Each of these areas will be covered in detail ...
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