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How Well Do You Know Your Online Business?

Written by George Manty  · July 19, 2007

This weekend my wife Jill and I started working on a business plan for our new business. I was prompted to work on the business plan after talking about the business with my Dad who has tons of experience with start up businesses (more on that some other time). Yes, I should have done the business plan BEFORE the product design, but I guess it’s better late than never.

After starting the business plan, I started wondering if the rest of you have a business plan and how detailed it is.

So, here’s my challenge to you…

Go to SCORE’s template gallery and download their business plan for start-up businesses. Now, take a look at the questions asked in the business plan and see if you can answer them all.

A few examples of the types of questions you will be faced with are:

  • What factors will give you competitive advantages or disadvantages?

  • What are the trends in your target market—growth trends, trends in consumer preferences, and trends in product development?

  • What is the age, income level, and education level of your target market?

  • How many customers do you plan on having by the end of the year?

  • What is your marketing strategy for your niche?

Can you answer all the questions? If not, what are you waiting for?

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