Before drafting Business plan
Before drafting a business plan.
From basics of business we are taught to draft a business plan, however how does one go about the whole procedure?
It all comes back to another important aspect of the business plan itself “Market Analysis”. One needs to identify their position in the market, secure it, defend and expand it. All these needs one to calculate their market share from anticipated to actual market plan and requires complete honesty, extensive surveys accompanied by proper research.
Be wary of individuals who claim to be able to conduct a proper and approved market search, especially in these trying times because they will quickly crush your spirit as a new entrepreneur. Take your time and choose one credible individual or company to conduct your market search if you can not do it yourself.
It is very crucial for one to invest their time, energy and resources in this process because it sets the initial pace of your business.