1.4.6 Business Plans

Question 1

Contents of a business plan

Answer 1

-Overview of the ideas
-Aims and objectives
-Target market and market research
-Financial forecasts
-Cash flow
-Sources of finance
-Location
-Marketing mix

Question 2

Purpose of a business plan

Answer 2

-Reduce risk of failure
-Viability to finance
-Provides a focus on the business ideas
-Identify gaps in research
-Helps entrepreneur focus on what the business is really about