Planning for a start-up

A start-up company begins with a new idea and high hopes. A business plan
helps these new ventures evaluate their new idea, potential market, and
competition. The critical questions that a business plan for a start-up must
address are

✓ Does this new venture have a good chance of getting off the ground?
✓ How much money will the business need to get up and running?
✓ Who are our customers, and what’s the best way to reach them?
✓ Who are our competitors, and what’s the best way to outrun them?
✓ Why will customers choose our new product or service instead of our
competitors’?

Planning to address changing conditions

Especially during rocky economic times, many existing businesses are trying
to retool themselves. The critical questions a business plan must address are
✓ What are the economic realities we face?
✓ How can we reshape the company and its products or services to compete
in the new economic environment?
✓ What steps do we need to take to reach the goal of achieving those
changes?

Planning to seize growth opportunity
Even successful companies can’t rest on their laurels. To remain successful,
they have to continue to compete. For many, that means recognizing and
seizing opportunities to grow their businesses. For companies charting a
strategy to grow, a business plan must address several key questions

✓ Where do the best opportunities for growth lie?
✓ Who are our competitors in this new market?
✓ How can we best compete to grab new market share?