Besides, your friends may be 100% behind you in your new venture, but, in case you are hoping to involve others who have actual money to invest, you may need to be able to make a convincing case. Wouldn't it be nice to have anticipated possible questions and be ready with plausible answers? If you are risking your own money, that is perhaps even a stronger reason to do some indispensable planning.
James J. Hill Reference Library (jjhill.org): One of the nation's premier business libraries to bring you FREE and affordably priced tools and resources you can use to create a better business plan based on relevant and credible data.
Risk Assessment - What weaknesses are inherent in this venture? What vulnerabilities face this type of venture? What impact will these have? What new technologies may affect this venture over the next 1 to 3 years? What contingency plans are in place? What level of liability insurance is required? What does it cost? Who is the carrier? Possible Data Sources: trade associations; trade journals; Service Corps of Retired Executives (SCORE); industry salespeople; customers; focus groups.
One key component critical to your success is scoping the competition. A business plan consultant studies the area where you will be located quite thoroughly. For example, if you plan on setting up a coffee shop on Main Street, or within the vicinity, the small business consultants you consult with will inquire about the number of existing coffee shops and the services they provide.
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