Island Savings

Creating A Business Plan

All good businesses start with an original concept or idea, but sometimes your original idea doesn't work out the way you imagined. Remember, the marketplace changes constantly, and your business plan needs to shift accordingly to be successful.

 

Look before you leap

  • Before you take your business idea to the next stage of development, it's crucial to analyze it from all possible angles to make sure you've thought of all possible scenarios.
  • Determine if there is a demand for the product or service you’re offering in the communities where you’re planning to do business.
  • There's a lot of information and research available to you on market trends and other issues.

EXPERT TIP

A business plan allows you to identify your market, your customers and your competition. It can help you gain a competitive advantage and determine what strategies will drive you to succeed.

Preparing a plan

  • The final step before launching into action is to create a thorough business plan. This plan should be a summary of what you want to achieve with your business.
  • A well-written business plan can be very helpful to you on many levels. You’ll be able to accurately determine the amount of money you'll need to start your venture and when you'll need it by. Plus, the plan will also help you to set short and long-term goals.
  • A solid business plan will also help you get investors Another advantage of a solid business plan is that it makes it easier for potential investors or lenders to see that you are organized and have thought things through completely.

 

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