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Know your market. A big part of knowing whether your business will be successful is understanding your audience. Make sure your plan is clear about your target market – who will you be selling to and how many other companies are already selling similar products?
A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?
While it’s not essential to have a business plan, you may find it easier to get funding if you have one that is well thought out and contains all of the necessary detail about your prospective business.
Sample business plans and templates can help you develop a professional document that will serve as an in-depth marketing tool to convince others of your venture s potential for success. However, creating your own plan can be a complex process, and you may need the assistance of a professional (like an accountant) depending on the type of business you have (or want to run), and what you are seeking in terms of investment.
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