How to write a business plan ... 4

How to write a business plan

Indicate how large each market segment is and how whether it is growing or declining.

Illustrate the important trends-and the reasons behind them.

Outline the key characteristics of buyers in each segment (e.g. age, sex or income). Mention customers you have already lined up and any sales you have already achieved.

What are the competing products and who supplies them?

List the advantages and disadvantages of all your competitors and their products.

Explain why people will desert established competitors and their products.

Show you understand your competitors' reaction to losing business and demonstrate how you will respond to it.

Unless there is a viable market and you know how you are going to beat the competition, your business will be vulnerable.

You must show you have done the market research needed to justify what you say in the plan.

And, you will need to cheer up about the business Prospect.