Planning is the most crucial yet often overlooked aspect of starting a new business. Proper business planning can literally make or break a new business, so it is wise to take the time to develop a foolproof business plan to maximize your chances of success. Your carefully designed mission statement, pricing objectives and marketing plan are three tools you will find invaluable during your business planning stage.
Brainstorm your prospective company’s specific objectives. Include the future company’s ethical and moral positions, the target market, a product or service description, and growth and profitability expectations. Add a geographic service or sales territory, the anticipated public image and the key strategies the business will use to attract and retain customers.