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By Lukas Baecker at October 20 2018 08:08:35

Maybe it's okay as an assignment for an MBA class, but it would be just too confining and irrelevant for today's fast-paced business environment. Anyway, you're ready! You've thought about this business venture for a long time and talked it over with friends and everybody agrees it's a great idea. Best to strike while the iron is hot!

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.

So, rather than looking around for an existing plan and then designing your own plan along the same lines, it would be a better idea to use software that allows you to create your own template.

After doing this, they will give recommendations based on what they find. If there are coffee shops already in place, one recommendation they might make would be to include free Wi-Fi as a way to bring in more customers.

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