By Markus Schmid at March 30 2020 09:51:01
Describe the manufacturing or operating process and associated costs. Contain believable finical projections, with key data explained and documented.
Before the preparing the plan, the entrepreneur should: Review previous business plans (if any) and their outcome. This review will help highlight which areas of the business have proved difficult to forecast historically. Be very clear as to objectives on which their plans will be based. Set out the key business assumptions on which their plans will be based.
I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.
Have you done your research? Do you really know that the people you will be targeting want your product / service, and crucially do they want it AT THE PRICE that you will be offering it at? Whilst confidence in your plan is fantastic, you must make sure that it does not lead you down a blind alley along a path that is not desired by your target market. Don't assume what customers want, do your research and make sure that is clear from the start in your business plan.