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By Theodore Durepos at January 13 2019 02:43:51

Are there emerging markets or market segments? Where does this product or service currently perform best? Possible Data Sources: trade associations; trade journals; attorneys & accountants dealing with the industry; industry salespeople; state business websites; focus groups.

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!

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.

Why use business plans consultants? When you are in the act of putting together a small venture producing a proposal is one of the primary tasks you want to do. Composing the plan can be quite a touch challenging and will slow a lot of people down while they cannot wait to get going, having said that a good quality sound strategy is actually critical if you wish your organization to be successful and profitable.

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