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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?

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?

Ownership and Management Plan. This section describes the legal structure, ownership, and (if applicable) the management, and staffing requirements of your business.

Your business plan should provide certain details about your idea, including your intended market and the industry in general. Using a business plan template will ensure that you don’t overlook any important information.

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