4. Business Planning
Once the job seeker has identified a promising business idea that is a good fit, thorough market research, both primary and secondary, must be conducted and a strong, realistic business plan developed.
The business plan includes:
- creating the mission statement
- the vision and goals of the business
- a competitive analysis
- marketing factors such as distribution method, pricing, advertising, and location
- the knowledge and skills as well as supplies and materials that are required
- business structure and legal requirements
This may simply be an extension of the viability assessment, or may be a full scale business, marketing and financial plan, and may be guided.