Pre Business Plan Planning!

Pre Business Plan Planning!

by

Craig Robertson

What to research:

General research is a good place to start. Look up similar businesses to find your place in the industry. Find case studies of where you want to be and importantly, where you do not want to be. Get an idea of what elements come together to create a successful business.

Next research the market. If you can t find the market for your product or services then you might want to re-think your business model. Find out what size your market is and how saturated it is: if the competition is fierce you need to ensure you are offering something different.

Look into what sections you need in your plan; this will depend on what type of plan you are putting together. Think about what purpose it is going to serve; is it to attract investors or get a loan from the bank? Perhaps it s for your management team or just for your reference. Different people will want different things so make sure you know exactly what you need to include before you begin.

Where to research:

Research methods can be the difference between finding fact or fiction. Books are good to start and you can often go to your local public library to read them without putting out the cost. If you are reading up on something changeable, such as policy or legal issues, try to find the most recent books as outdated figures and information can set you off on the wrong track.

The Scholar search on Google is a good tool. It brings up texts, reports and papers written on the subject you choose. When using a search engine you should refine your search as much as possible and try to verify the author of each article (a quick Google search on their name usually does the trick). You don t want to be following the advice of a non-professional who has just given their opinion without business experience.

The internet is a great place to start researching companies. A good website can tell you a lot about a company and a bad one may go into your who not to be like category. Find out if there are any news pieces on them by searching newspaper s back issues online.

Go around banks and look into business banking. Often leaflets or brochures you get about the accounts they offer will give you a few handy tips about starting a business and what you need to know.

What to do with your research:

It may sound silly but read it: read it properly and digest it. Take notes, make copies and highlight, whatever it is you do to retain information do it-this is stuff you re not going to want to forget.

Don t copy it: make sure when you sit down to write your business plan that what you come up with is original and still you . You didn t make this decision to live in someone else s shadow and it needs to suit your goals.

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