How do I plan my business?

The first step is to conduct thorough research into the market and your potential competitors, and put together a business plan.

Here are several key questions that can guide you through the process of creating your business plan:

• What need are you addressing?
• Who is your customer base?
• What products or services do you provide?
• What resources do you need to get started?
• How will you market your business?
• Who is your competition?
• Have you identified support networks, such as getting a mentor or joining a mastermind group?
• How will you measure success?
• What are your short-term and long-term goals?

Your business plan should include the following elements:

• Executive summary
• Company description
• Market analysis
• Description of product or service
• Revenue model
• Operations and management
• Competitive analysis
• Customer analysis and customer acquisition strategies
• Financials