- Specifics to incorporate into a business plan includes type, size, location, products/services offered, target audience, potential risks/challenges, equipment/staff needs, income resources and company expenses. Business plans also should have a time line mapped out with company goals.
- A detailed business plan forces an entrepreneur to analyze all aspects of a business before getting it off the ground. This helps identify hidden obstacles, according to Michigan State University. Such obstacles may include permits needed to operate, rent for location and equipment costs.
- The U.S. Small Business Administration (SBA) recommends focusing business plans on specific niche markets. This proves beneficial to small businesses that otherwise can't compete with larger companies. Interviewing industry professionals works to identify profitable niche markets.
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