Your success as an entrepreneur is largely dependent on your business plan. Many people start businesses with a vision in mind for what they’d like to accomplish, but they don’t dive into the details. To give your startup the highest chance of success, develop a comprehensive business plan and review it with a consulting service to ensure that it’s viable. Get started with these tips.

How to Develop a Business Plan

1. Research the Market

It’s important to thoroughly research your product or service to ensure that there is a market for it. Some entrepreneurs make the mistake of investing many hours or thousands of dollars into product development, only to find that there isn’t any demand for what they’ve created. Doing your research from the outset will help avoid this problem. 

2. Identify Competitors

Whether you have a brick-and-mortar operation or an online business, you have to think about your competition. Don’t be scared off by similar businesses—that shows that there’s a market for what you are offering. However, if similar companies exist, think about what you can do to differentiate your product or service. 

3. Understand the Finances 

It’s critical to know the finances of your business. Make sure you have correct information about the potential cash inflows and outflows in your plan. Also, try to anticipate additional costs that you could face down the road. Having an accurate, viable financial plan is key for getting others to invest in your business. 

4. Include the Details

Your plan should give a thorough overview of your business proposition, market, competitors, financials, goals, and strategies. It should be comprehensive enough that others could read through it and know exactly what you’re offering and how it differs from what is currently on the market. 

5. Consult with a Professional 

To make sure you’re on the right track, work with a business consulting service to review your plan. An expert can point out any inconsistencies or deficits that need to be addressed before you get started. It’s best to catch mistakes at the beginning than to discover flaws after you’ve opened for business.

Located in Atlanta, GA, Anale Consulting Group has more than 20 years of experience in helping entrepreneurs start and grow thriving businesses. This consulting service assists entrepreneurs across multiple industries with business plan creation, marketing strategy, workflow management, and financial planning. Learn more about their work online or schedule a consultation at (404) 492-3894.