Why create a business plan?
The business plan project. It could be assigned to introduce students to the process of thinking about a business and creating a business plan. A business plan could also be created to research a specific industry. Business plans may be created for totally new products or for a product similar to one already on the market.
Business Plan Research
As you create a business plan, these questions can help you determine where to start with research:
- Is the product new to the market? If so, is it similar to any existing products or industries that can be researched to show market potential?
- Is the product similar to an existing product? If so, can data about the existing product be found to show the potential of the new product?
- Who will be interested in the product?
- How will you reach consumers?
Thinking about these questions, both before and while you are searching, will keep you focused on a good result set.
For an overview on searching, check out the quick start guides for Statistical Insight.
The U.S. Small Business Association provides a guide to writing a business plan on their website. This Libguide used the SBA's Essential Elements of a Good Business Plan.
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