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.
Here I shall be discussing the basic steps involved in writing a business plan: Executive Summary: The first step involved in writing a business plan is the executive summary. Here, include everything that you would cover in a five minute interview.
It may not be pleasant to imagine all the "what ifs," but doing it now and planning for those unexpected events will improve your company's chances of surviving a storm. For an excellent step_by_step guide on the details of developing a risk management plan, see the article "How to Develop a Risk Management Plan," by Charles Tremper at wikiHow.com.
The additional financial information at the end of this part of the plan should give a summary of your business's financial needs in order to grow, show its debt position, and state the owner's financial status.