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Organizational Matters _ The ownership hierarchy of your business, the management structure, and the personnel are described in the section on organizational matters. This part of the plan deals with who, what and how your business runs. Who is in charge of what and how are they qualified? Discuss how the various parts of your business interact together; include details about outside contractors and consultants and what functions they perform. See the example below, thanks to Edraw Soft Vector_Based Graphic Design.

Studying your market will give you insight as to how you can make your business more appealing to people. Market research is more than just noticing trends in your customers' buying habits; it's discovering what motivates your customer to buy. Don't assume that you already know because you've been in this business for years. This study often unearths characteristics about your market that are hidden or new. It's best to discover these things before your competition.

I mentioned that the 'writing of a business plan' as one of the pivotal steps involved in setting up a successful business. By now you should understand the need for writing a business plan. Writing a business plan, for a traditional brick and mortar business, will probably take a lot of time. It may take up to 100 hours or even more. For obvious reasons, a new business needs to carry out a lot of research before a business plan can even be developed.

So, although a detailed business plan may not be required for an online business, I am going to include it here so you can at least look at and consider each section and determine yourself if it applies to your business.

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