Ask yourself these questions and note the areas where you feel your business plan is weakest. Develop careful analysis and projections to see if you can overcome any identified weaknesses. In addition, seek advice on your business plan from someone you trust.
- Is it something that I like to do? (and do I have the necessary expertise?)
- How much time will I spend doing it? (part-time, full-time, or hobby?)
- How much money do I want to make? (supplement or provide entire income?)
- Who is going to buy my product and where do they live? (target the customer)
- How much will people pay for my product? (what price will you receive?)
- How will I sell my product to the customer? (distribution and promotion methods)
- How am I going to produce it? (equipment and facilities requirements)
- Where am I going to produce it? (land characteristics)
- How much will it cost to start up and run? (capital costs and fixed costs)
- Will I make a sustainable profit with this business? (operating costs & margins)
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