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Why is a business plan important explains Sachin Karpe Are you a budding entrepreneur? You have started with your new company? Creating a business plan will help you achieve your entrepreneurial goals. According to Sachin Karpe, an appropriate business plan give syou the road map of your business very clearly. If you are new to the business world, then you must study the market carefully considering which segment of the local population will be seeking to use your products or services. This needs an intelligent search. You should conduct a primary and secondary search. It is very important to target your audience who is suitable for your product or service. Not everyone needs to be your target audience. If you are into the business of

making chocolates, it is very important for you to know the age bracket. You have to analyse certain questions like – • •

How many children are currently under the age of 20? How many other manufacturers already have a share of the market? How big are your potential competitors? You must identify your company’s initial needs. What will you require to get started? Whether you want to buy an existing company with 300 employees or start your own by adding an extra phone line to your home office desk, you need to make a list of the materials you’ll need to set up a company. You need to research on the possible locations for your set up. You need to chart down the most expensive and least expensive sites by location. Gather as much helpful and credible information as you can. Depending on your product, you may need to search long and hard for relevant information. A business plan won't be useful until you sure for what does your company exist for? What will you accomplish for others? What products and services will you produce or provide? Write down all the specific needs your company will satisfy. Potential investors need to know that your business will be meaningful and marketable to people who can use your product or service says Sachin Karpe. A successful business needs a good strategy to follow. The first step in selecting an effective strategy is to identify a competitive advantage for your product or service.

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