Question

Why business plan is important to start a new business and what would be the prerequisites to write up an ideal business plan

Answer 1

Business plan is a written document that describes how the business will operate. It is important because-
1) Helps in avoiding errors.
2) Helps in raising financing.
3) It helps in making important descisions.
4) Helps in communicating goals to the management.
5) Provides clear vision.
6) Helps in setting better objectives.

Prerequisites for to write up an ideal business plan-
1) Description of the company
2) Market analysis
3) Description of products and services that will be offered
4) Strategy for sales
5) Marketing strategy
6) Competitive analysis
7) Financing strategy