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By on February 13 2018 08:20:54

Market Analysis and the Competition. In this section, you need to demonstrate that you have thoroughly analyzed the target market and that there is enough demand for your product or service to make your business viable. The competitive analysis includes an assessment of your competition and how your business will compete in the sector.

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?

Operating Plan. The operating plan outlines the physical requirements of your business, such as office, warehouse, or retail space, equipment, inventory and supply needs, labor, etc. For a one-person, home-based consulting business the operating plan will be short and simple, but for a business such as a restaurant or manufacturer that requires custom facilities, supply chains, specialized equipment, and multiple employees, the operating plan needs to be much more detailed.

Be specific. Being specific is just as important as being concise. The details will help you drill down into how you will actually deliver your plan.

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