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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?
Think you have a great idea for a business? That best way to find out is to do your background research and write a business plan to see if your idea is feasible. The simple business plan template presented here can get you started on creating a business plan for your new enterprise.
Any funder worth his or her salt wants to see it right off the bat. Moreover though, a solid business plan is a living document that will continue to guide your efforts as your business grows. A lot of those mistakes (most of them, in fact) are the result of poor planning. Bad location, a marginal niche, having no specific user in mind, raising too much or too little money--all of these issues can be prevented or at least mitigated with good planning.
The resulting document can serve as the blueprint for your business and be supplied to financial institutions or investors if debt or equity financing is needed to get your business off the ground.
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