Writing a business plan

Unfortunately there is no substitute for good market research when putting together a plan: it is essential to know who will buy the product or service, how much demand there will be and how much people are prepared to pay. Research should also provide a clear picture of market competitors: it is rare that a business idea is completely original so it is important to be sure that enough consumers will choose your product over a rival's.

The next step is to consider how the business will convert potential market interest into concrete demand with an advertising, marketing and public relations campaign. The plan should indicate whether the venture will be advertising in the local press or in the Yellow Pages; whether you will send leaflets to local households or businesses; or if you will contact friendly journalists.