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The process of writing a business plan is the perfect time for you to think carefully though every step of your business start-up.You’ll pinpoint weaknesses, identify your strengths, and spot opportunities you might not have thought of. It will help you highlight the ideas and activities at the core of your business, and rank your priorities.
Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success.
This is your chance to discover any weaknesses in your business idea, identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise.
That way, you can validate that you're solving a real problem for your potential customers. For example, if the problem is that parking downtown is expensive and hard to find, your solution might be a bike rental service with designated pickup and dropoff locations. Never assume that your target market is “everyone.” For example, it would be easy for a barber shop to target everyone who needs a haircut.
But most likely, it will need to focus on a specific market segment to reach its full business potential. Your customers are likely turning to an indirect competitor that is solving their problem with a different type of solution.
Here's a quick overview of the step–by–step process we guide entrepreneurs through when they sign up for Live Plan.
Detail exactly what problem you are solving for your customers.
So here's what we recommend: simplify the planning process by breaking the work up into manageable, bite–sized steps.
That way, you can focus on one section at a time to make sure it's accurate.
A well-written business plan can help convince investors or lenders to finance your business.
After you complete the 11 worksheets, you will have a working business plan for your startup.