Questions to Answer in Your Business Plan

Basically, a business plan should be designed to answer common questions a knowledgeable businessperson or banker would have regarding your business. It documents your business idea and how it will work.

*What needs are you trying to fulfilll?

*Whose needs are you trying to fulfill? In other words, who will be your customers?

*Why will customers buy from your business? Do you have a special edge, something that differentiates you from your competition?

*How will you fulfill their needs? In other words, what products or service will you provide?

*How will you market to and reach prospective customers?

Your answers to this first group of five questions is the focus of your business model. In order to answer these questions you may need to perform detailed market research. There are many books to help you with that and other deep aspects of creating a business idea.