Can you imagine taking a 6 month holiday – the holiday of your life – without first giving thought to where you would like to go, where you would like to stay, and what attractions you would like to visit? Whilst it may be fun and exciting at first to just set off into the sunset without a plan or care in the world, it would begin to wear a little thin when you get lost and don’t enjoy the towns or cities you’re visiting.
This is why it is important to plan first.
Your business plan gives you the opportunity to objectively look at your options, analyse your market and competitors, devise appropriate strategies, and set your goals so you can hit your targets and have success in your business.
With thousands of people starting and failing in business each year, your business plan will be your blueprint to staying on track and, importantly, saving yourself time and money in the long run.
Why Research Is The Backbone To Your Business Plan:
Consider your research as the backbone to your business plan. The research you conduct now will form the basis of your plan and allow you to objectively analyse each key component of your business plan, namely: the industry; your target market; your competitors; and your operational requirements.
Once you have researched and defined these areas, you can then begin to develop your business plan.
But before your begin your research, take time in thinking about the questions you would like answers to; in alignment with the industry, target market, competitors and operational requirements.
Prepare your questions beforehand so you don’t waste valuable time in re-visiting your research sources to gain additional information.
Your research can be conducted via a number of different methods, including (amongst others):
The 6 Key Parts (or Elements) In Your Business Plan:
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