A business plan is very essential in business. As a matter of fact, it is an essential ingredient of a business. A business plan is a draft which should include a lot of factors both positive and negative and its implications. It should be planned realistically. It should contain; the budget which is the capital needed to fund the business adequately, the size of the business should be determined either on a small or large scale business, the number of human labour, which is the employees needed should also be ascertained, the location is very important and should be situated where you can have easy access to your target audience, the brand should be identified which should be your preference or optional, the advertising and marketing strategy which would help to boost the business growth should also be determined. When all of these and many more are determined, it would definitely help the business owner assess the potential challenges that might arise. In a business plan, you should be open-minded and know that challenges and problems are inevitable so long as this life is concerned and the best thing is to input a backup plan and a crisis management technique which can help you stand tall when those problem arises.
