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Business Plan
Developing a business plan, even for a small home based business, is critical to your success.
A business plan is essentially a blueprint of how you plan to execute your business. It is a
valuable resource for you and for possible investors. A business plan is an important exercise
because it forces you to think through the concept and is the first step toward making your idea a reality.
Although no two business plans are the same, your business plan should include a number of
items. Some questions to consider include:
- Your estimated capital investment. It may be valuable to first consider how much you
can afford to invest and then estimate your expenses from that total.
- What is your target market? How large is it?
- Your estimate of your product and or service pricing. How does it compare with others
that are offering similar services or products?
- If it differs, why? What do you offer that will justify a different price?
- What will the cost be to manufacture the product or service?
- What are your space requirements? What types of office equipment are necessary to
manage and run your office?
- Will you require additional labor to produce your product or service? At what cost?
There are a number of resources available on the Internet to help you develop a full business and marketing plan (search).
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