By on February 13 2018 16:55:54
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?
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.
A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business. Without a plan a business is likely to fail or stagnate.
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?
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