Build Business Plan

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"Second, you need to clarify why you want to work with these customers – do you have a passion for making people's lives easier?

"Many people think they have a great idea and jump into launching their business without thinking through who their customers will be, or why these people should want to buy from or hire them," Desaulniers said.

Learn what current brand leaders are doing and figure out how you can do it better.

Do a quick search for existing companies in your chosen industry.

Stephanie Desaulniers, director of operations and women's business programs at Covation Center, cautions entrepreneurs from writing a business plan or worrying about a business name before nailing down the idea's value.

Build Business Plan

Regardless of which option you choose, it's vital to understand the reasoning behind your idea. "In the words of Simon Sinek, 'always start with why,'" said Glenn Gutek, CEO of Awake Consulting and Coaching. If you think your business can deliver something other companies don't (or deliver the same thing, but faster and cheaper), you've got a solid idea and are ready to create a business plan."A lot of startups tend to spend money on unnecessary things," said Jean Paldan, founder and CEO of Rare Form New Media."We worked with a startup that had two employees but spent a huge amount on office space that would fit 20 people."When you board an airplane, what is the first thing they show you? When you go to a movie, what do they point out before the feature begins to play? Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building.Too many times I have witnessed business leaders that don't have three or four pre-determined exit routes.Some budding entrepreneurs understand the effort necessary to create a business, but they might not be familiar with the many steps required to launch a business venture. If the idea isn't something you're passionate about or if there's not a market for your creation, it might be time to brainstorm other ideas. A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business. Conducting thorough market research on your field and demographics of potential clientele is an important part of crafting a business plan.If you're willing to put in the effort to build a business, you're going to want to know the steps needed to reach your goals. Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? This involves conducting surveys, holding focus groups and researching SEO and public data.This has led to lower company value and even destroyed family relationships." A business plan helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it.A full guide to writing your plan can be found here, and when you're ready to put pen to paper, these free templates can help.