By Jean Couture at December 14 2019 17:46:49
I often see people split into two camps. On one hand those who almost ignore competitors in their business plan, because they do not want to think about the issue yet and feel so confident they have a great idea for the market regardless. But I recommend not being overconfident when it comes to competitors. They are still there for a reason, they are still around and in business for a reason, so view them with that in mind.
Financial plan: Financial plan indicates the financial requirements of the proposed business enterprise such as: Projected cash flows ; Projected income statement ; Projected break-even point ; Projected ratios ; Projected balance sheet ; Project report preparation.
Describe the manufacturing or operating process and associated costs. Contain believable finical projections, with key data explained and documented.
You can concentrate so much on essential financials and supply logistics, but overlook other issues like marketing or opening times. By showing the plan to someone you trust, they can have a look and see what might be missing or worth developing more. Getting that valuable second opinion on how robust your idea is will put you in a much better position to start and keep going successfully.