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Three key things to have when creating a business plan

WORK LIFE
By Correspondent | November 21st 2017

When you set out to start your business as an entrepreneur, you intend on it succeeding. No one ever started a business thinking that it would fail. You need to adequately prepare for the work ahead.

One essential way to prepare for your journey as an entrepreneur is by creating a business plan.

The business plan becomes the roadmap with which you can track the progress of your business and refer to the strategy when situations arise. You can get business plan templates on the internet to help you write your unique business plan.

Below are three key things to have when creating a business plan that can get you funding;

Market Research – Invest time and resources in finding out what is the existing market for your business. Find out if there is indeed a gap and establish what need your business is solving. How big is the market and what is the consumer’s, purchasing power? Talk to prospective customers and get first-hand details from them on what they think about the business and the product/service you intend to offer.

Financial Data – Your projected financials should be ambitious and realistic. You should be able to stand scrutiny from a lender or investor explaining how the numbers will add up and make a profit for the business. Your details must be laid out comprehensively for better understanding and breakdown.

Income Stream – In addition to financial data, clearly show how the business will make money. What will be the main income stream putting into consideration the inevitable business risk(s) the business faces? 

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