What you need to think about…
Before you start to plan, it’s important to conduct research to answer the following questions about your business:
- Is there a genuine market for your idea?
- How much demand will there be for your product or service?
- What trends currently affect the sector?
- Who will buy your product or service?
- Who will be your competitors and what are their strengths and weaknesses?
- Are there any potential business partners with whom you could collaborate?
These questions will help you to focus your ideas to ensure that your plan is robust.
Your research will directly influence your planning, and will help you to assess:
- Your operating location(s)
- What, if any, premises you need
- How many staff you require
- How you will market your enterprise
- How you will raise finance (sales, grants, loans, contracts and/or trade)
- Your pricing structure
- How you will manage demand
Please see Inspire2Enterprise’s Business Plan Template for Social Enterprises. The template also contains guidance regarding writing your business plan.
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